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Page added on May 20, 2012
G8 to call on IEA for “action” on oil
Group of Eight leaders agreed on Saturday to call on the International Energy Agency to take “appropriate action” if there are further disruptions to the oil market in the coming months, sources familiar with the G8 draft communique said.
“There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth. In response, major producers have increased their output while drawing prudently on excess capacity,” the statement will say, according to the sources.
“Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied,” it says.
The statement makes no explicit mention of releasing strategic oil reserves.
4 Comments on "G8 to call on IEA for “action” on oil"
BillT on Sun, 20th May 2012 2:36 am
IEA? What can they do? Whine? Throw a tantrum? After all, it is their meddling that is causing the disruptions and shortages, not the exporting countries.
Beery on Sun, 20th May 2012 4:54 am
Clearly, the G8 are clueless as to the situation. What do they expect the IEA to do – perform a human sacrifice to the oil gods?
Kenz300 on Sun, 20th May 2012 1:17 pm
Quote — ” “There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth”
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Relying on oil in a rising demand and declining supply situation is foolish. Every individual, business and country needs to develop plans to diversify their sources and types of energy. It is time to transition to safe, clean alternative energy sources. Our economic security and national security depends on it. Wind, solar, wave energy, geothermal and second generation biofuels made from algae, cellulose and waste are the future.
sparky on Mon, 21st May 2012 1:49 am
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A bit unfair , the release of some of the oil was put on the agenda a few months back when there was some fear for the Iran thing turning to manure
the final declaration must have been written weeks in advance
, official agendas are pretty hard to change an the leaders must have all nodded agreement on this one in one second flat