Europe May Need to Send Oil Stockpiles to US After Katrina Damage

[beetbox]

AFX News Limited
Europe may need to send oil stockpiles to US after Katrina damage - IEA's Mandil
08.30.2005, 03:10 AM

PARIS (AFX) - Europe will need to send some of its strategic emergency stockpiles of crude to the US if refinery damage caused by Hurricane Katrina proves severe, said International Energy Agency executive director Claude Mandil.

For now, however, the US, Europe and Japan have enough emergency stockpiles to wait a week to assess the damage before having to decide whether to release oil to damp prices, Mandil told the Financial Times.

The IEA, which co-ordinates the emergency inventories of the world's biggest oil consuming countries, also said in a statement issued yesterday that, although persistent high oil prices are a growing concern, the underlying supply and demand for oil are 'roughly in physical balance and should improve'.

Non-OPEC supply growth will accelerate in the second half of 2005 and will reach almost 2 mln barrels per day in the first half of 2006 - enough to cover projected world growth in oil demand.


http://www.forbes.com/markets/feeds/afx/2005/08/30/afx2195696.html

[Gloria]

1. Keep your oil. Bush will still be screwing you after this is over...

Besides, Saudi Arabia is going to raise output for their buddy....(today's Arab News)

[neverforget]

5. How many times have the Saudis said they would increase output

yet output never increases? :shrug:

[TheFarseer]

2. Why the hell would they do that???

France and Germany should tell us to go to hell. We deserve it. I hope they will help us, but it would be unbelievably stupid. It won't buy them any favors.

[wli]

3. Doubtful they'll bother. Bushler's made the USA into a rogue state. n/t

[RPM]

4. let us dangle

we have earned it.

[MercutioATC]

6. Riiiiiight. The 700 million barrels in OUR strategic reserve aren't enough

:eyes: