World oil consumers are poised to tap into emergency oil inventories as soon as early September after the International Energy Agency (IEA) dropped its resistance to a US-led plan, a source and an oil journal said on Friday.
Just one week after its chief said there was no discussion of possible emergency action, the IEA is now thought to have agreed to the idea, the industry journal Petroleum Economist reported on Friday, citing unnamed sources. The release could be as large or larger than last year’s 60 million barrel injection.
Responding to the report, IEA Executive Director Maria van der Hoeven said the agency remained in close communication with members and stood “prepared to act as necessary in response to a physical disruption”, avoiding the question of whether active consideration of a reserve release was underway.
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