IEA Stands Ready to Act
https://www.rigzone.com/news/iea_stands_ready_to_act-23-jul-2019-159374-article/July 23, 2019
The International Energy Agency (IEA) has revealed that it is closely monitoring developments in the Strait of Hormuz and is “ready to act†to ensure global markets remain adequately supplied.
In a statement posted on its website on Monday, the IEA said its emergency oil supplies are large enough to cover any disruptions from the Strait of Hormuz “for an extended period†but highlighted that consumers can be “reassured†that the oil market is currently well stocked.
About 20 million barrels of oil, or around 20 percent of global supply, transit each day through the Strait, the IEA confirmed. IEA countries hold 1.55 billion barrels of public emergency oil stocks, according to the organization, which added that an additional 650 million barrels are held by industry under government obligations.
An IEA oil market report released in July revealed that oil supply exceeded demand by 0.9 million barrels per day in the first half of 2019. The IEA’s forecast for oil demand growth in 2019 is currently 1.2MMbpd....