IEA Ends Post-Katrina Oil Market Bailout

A collective effort by member countries of the International Energy Agency to offset oil market supply disruptions in the Gulf of Mexico caused by Hurricane Katrina was “successfully concluded” last week, said IEA chief Claude Mandil.

The decision to end the operation last Thursday was taken in consultation with all 26 IEA member countries, he said in a statement.

The members “agreed that the impact of hurricanes Katrina and Rita has been successfully addressed by a combination of the IEA collective action, lower than expected demand, worldwide refinery flexibility and additional efforts by producer countries.
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