| 26 nations to release 60mn barrels of oil |
| Our Web Bureau / Mumbai September 3, 2005 |
| International Energy Agency (IEA) yesterday announced that 26 nations have agreed to release 60 million barrels of oil and petroleum products from their emergency reserves. According to a report on the website of Financial Times, US will shoulder half the burden, releasing 30 million barrels of crude oil over the next month from the strategic petroleum reserve (SPR). European countries will make up for much of the rest, releasing mainly petroleum products such as petrol, heating oil, jet fuel and diesel. Japan, Korea and Canada are also among those contributing to the programme. While the benchmark crude oil in New York fell $1.77 to $67.50 a barrel, European benchmark Brent slipped $2 to $65.72 yesterday. It was the first time prices had fallen since Katrina hit the heart of the US energy industry in the Gulf of Mexico, the report said. IEA, in an official release, said: |
