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
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.