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IEA monitoring outcomes of Hurricane Harvey

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Hydrocarbon Engineering,

The US International Energy Agency (IEA) has issued the following statement confirming that it is closely monitoring the situation caused by Hurricane Harvey.

The statement read: “It is too soon to know how long oil production and refining operations will be disrupted, or the extent of the damage. However, for now, the IEA does not see a need to act as the market is amply supplied. Oil stocks, both crude and products, are well above the five-year average, in the United States as well as globally.

“The situation is being reviewed constantly and the IEA stands ready to act as required.”

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Downstream news Oil refinery news US refinery news