With the initiation of military operations in Iraq the International Energy Agency (IEA) announced it is monitoring developments as they relate to the supply of oil to world markets.
“We are in close communication with our member countries, with major oil producers and with the Organization of the Petroleum Exporting Countries (OPEC),” Claude Mandil, the IEA's Executive Director, declared Thursday, march 20.
“Producers are confident they can keep the market adequately supplied and we have been assured that they will make every effort to do so. We appreciate steps producers have taken to prevent any shortage in world oil supply—earlier this year and again now,” he added.
“We are determined to promote stability in world oil markets and remain ready to reinforce producers' efforts should the need arise," concluded Mandil.
The International Energy Agency, based in Paris, is an autonomous agency linked with the Organisation for Economic Co-operation and Development (OECD). It is the energy forum for 26 Member countries. IEA Member governments are committed to taking joint measures to meet oil supply emergencies. They have also agreed to share energy information, to co-ordinate their energy policies and to co-operate in the development of rational energy programs. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
