Saturday, January 7, 2012

West readies oil plan in case of Iran crisis

[ via Reuters  ] 6 Jan

The Western countries are powers reading themselves to brace the oil crisis should the same drop after sanctions on Iran or if the Iran blocks the Strait of Hormuz.

Senior executives of the International Energy Agency (IEA), which advises 28 oil consuming countries, are said to have discussed on Thursday an existing plan to release up to 14 million barrels per day (bpd) of government-owned oil stored in the United States, Europe, Japan and other importers.

Action on this scale would be more than five times the size of the biggest release in the agency's history -- made in response to Iraq's 1990 invasion of Kuwait.

Read more:Reuters
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