Strategic stocks weaken threat of oil export cuts

07/03/2006
Curtailment of oil exports lacks the leverage it once possessed in international politics.The oil market isn’t as vulnerable to deliberate disruption as it was when Arab exporters famously embargoed sales to the US and the Netherlands in 1973-74.The embargo led to creation of the International Energy Agency and agreement among members to hold oil in strategic storage and to share supplies in an emergency.IEA’s 26 members now have 4.1 billion bbl of crude oil and products in public and compulsory industry stocks. Of that, 1.4 billion bbl is directly controlled by governments.IEA members can withdraw from these supplies at maximum rates of 9.6 million b/d of crude and 3.3 millio...
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