IEA to Offer 60 Million Barrels

Thursday, September 15, 2005
The IEA Governing Board, after reviewing its initial collective response action on September 2 to disrupted oil supplies in the wake of Hurricane Katrina, has decided to maintain its action of making available to the market 60 million barrels of oil and oil products for a period of thirty days, according to a statement by Claude Mandil, IEA Executive Director. After the meeting of the IEA Governing Board The representatives of the 26 member countries reaffirmed their commitment to fully implement the coordinated emergency response decision and confirmed the market based approach as the most effective mechanism. The Governing Board was briefed by the United States, the IEA Standing Group on Emergency Questions, the IEA Secretariat and oil market experts, who welcomed the IEA’s emergency response as timely and appropriate. Oil and refined product began flowing immediately and will continue into October. The IEA will further assess its collective action as additional market information becomes available on the pace of recovery and adequacy of supplies to the market. The next evaluation will take place end September or early October. The IEA and its member countries will continue their communications with oil producing nations and the OPEC Secretariat.
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Icon Terminates Shipbuilding Contract

Icon Offshore Bhd and its partner FOB Swath Malaysia A/S have agreed to terminate their shipbuilding contract with Denmark-based Danish Yachts AS.    Icon-FOB

Asian Shipping Lines Lowers Fees

China’s National Development and Reform Commission (NDRC) said Japan’s Kawasaki Kisen Kaisha (K Line), South Korea’s Hanjin Shipping, Hyundai Merchant Marine (HMM),

Poland: First LNG Shipment due in Nov-Dec

Poland expects to receive its first cargo of liquefied natural gas at its new LNG terminal at the end of November or early December, the treasury minister was quoted as saying on Sunday.


Egypt Picks 7 Winners in Tender for 55 LNG Cargoes

Seven companies reportedly met with Egyptian Natural Gas Holding Co. (EGAS) to discuss an  liquified natural gas (LNG) tender, including: Vitol, Noble Group, Trafigura,

Floating Tidal Energy Platform Up and Running

The first months of operating the BlueTEC tidal energy platform have been a success, according to the BlueTEC Texel Tidal partnership: with every tidal flow, the

Gas Carrier Concept Stems from Bulker Design

Deltamarin Ltd and Brevik Technology AS, a VARD affiliate, have joined forces to develop a novel multigas carrier design concept that combines the design of Deltamarin’s B.

Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1073 sec (9 req/sec)