Energy Unit Tells Plan to Supply Oil if War Breaks Out
An agency representing 21 major oil-consuming nations, including the United States, today announced a plan to release 2 million barrels of oil daily from government reserves if a Mideast war cuts into world supplies.
Under the plan, another 500,000 barrels would be saved by government conservation efforts, said Geoffrey Chipperfield, chairman of the International Energy Agency’s governing board.
The contingency plan would only go into effect on the order of the agency’s director, Helga Steeg, after “rapid and broad consultations” with member governments, he said.
It was announced after a meeting of representatives from the oil-consuming industrial nations, including the United States, Japan and most Western European countries.
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