IEA To Hold Emergency Board Meeting

The International Energy Agency (IEA), plans to call an emergency meeting of its governing board on October 4 to discuss the global oil situation, an official said.

The Paris-based IEA, which is responsible for coordinating joint measures to meet oil supply emergencies, was expected to shortly make an official announcement of the date, the official said.

Japan and some other member countries had suggested a meeting to discuss measures to deal with crude's stubborn strength, which is threatening global economic growth, the official said.

The IEA draws its membership from the Organization for Economic Cooperation and Development. Member countries are required to hold reserves equivalent to 90 days of imports.