IEA says no need to release emergency oil supplies due to Harvey

[NEW YORK] The International Energy Agency said on Monday that there was no need for now to release fuel from emergency stockpiles to compensate for disruption caused by Hurricane Harvey because global oil markets were well supplied.

Several refineries in the US state of Texas have shut because of the storm, halting fuel production and causing gasoline prices to rise. The shutdowns affect international as well as domestic fuel supplies because the United States ships exports from the region.

The IEA said it was closely monitoring the storm and would be ready to respond to major oil supply disruptions through its emergency response system. The Paris-based intergovernmental agency coordinates emergency fuel releases when natural disasters or war interrupt global energy supplies.

REUTERS