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IEA monitoring US oil and gas market

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Hydrocarbon Engineering,

The International Energy Agency is monitoring the situation in Texas and Louisiana to assess its impact on oil and gas markets. The agency is remaining in very close contact with US authorities.

There are high levels of stocks in the affected regions and in the US as a whole. These stocks are being supplemented by imports of gasoline to the East Coast of the US.

The US Secretary of Energy has taken action to ease localised crude oil shortages in Texas by providing crude oil loans from the US Strategic Petroleum Reserve.

The IEA does not currently see the need for a co-ordinated international release of oil stocks. To date, market mechanisms and government assistance have been adequate.

The IEA stands ready to act as required.

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