IEA to Activate Emergency Oil System amid Russia-Ukraine Conflict
The International Energy Agency, IEA, will assess the need to activate its emergency oil system as it continues to monitor “with growing concern” developments in the Russia-Ukraine conflict, the agency said in a Tuesday news release.
About 250,000 barrels per day of Russian oil exports passing through Ukraine are most immediately at risk, according to the IEA. These supplies enter Hungary, Slovakia and the Czech Republic, but these countries have ample government-held emergency stocks to draw upon, the IEA said.
The IEA said it is continuing its consultations with its member countries and key partners to determine measures to ensure energy security. Read: Brent Price Hits $96 after IEA Demand Forecast
Total oil stocks in IEA member countries amounted to nearly 4.16 billion barrels as of the end of December 2021, of which 1.5 billion barrels are held as emergency reserves, the agency noted.
“While the specific impact on world oil markets is yet to be determined, IEA Member Countries stand ready to act collectively to ensure that global oil markets are adequately supplied,” the IEA said.
# IEA to Activate Emergency Oil System amid Russia-Ukraine Conflict
