Oil prices fall as reserves are released
{{date|September  2, 2005}}

The {{w|International Energy Agency}} announced that its member states will release 60 million {{w|Petroleum|oil}} barrels from their strategic reserves next month. "All 26 member countries will take collective action", said the agency in its statement. The announcement was in response to the crude price surge after disruption of oil supply in the [[Gulf of Mexico]] caused by {{w|Hurricane Katrina}}.

Earlier today {{w|Javier Solana}}, chief of the European Union's foreign policy, said the EU can provide the 
US with reserves of the member states. Also [[OPEC]] is considering taking action.  The United States and Japan already plan to release oil from their reserve stocks.

Oil prices fell slightly today, following the IEA statement, as expected. US light crude fell US$1.57 to US$67.90 a barrel. 

== See also ==
*[[Bush authorizes oil release from Strategic Petroleum Reserve]]
*[[Italian petrol prices rocket to a record EUR 1.30 per litre]]

== Sources ==
*{{source|url=http://news.bbc.co.uk/1/hi/business/4207492.stm
|title=Oil prices drop on reserve offers
|author=
|pub=BBC News
|date=September 2, 2005}}
*{{source|url=http://www.guardian.co.uk/business/story/0,3604,1561681,00.html
|title=EU offers oil supplies to US 
|author=Mark Tran
|pub=The Guardian
|date=September 2, 2005}}
*{{source|url=http://www.opec.org/opecna/Press%20Releases/2005/pr122005.htm
|title=OPEC considers further measures to help ease problems caused by Hurricane Katrina
|author=
|pub=OPEC
|date=September 2, 2005}}
*{{source|url=http://www.iea.org/presseppd.pdf
|title=IEA Press Release
|author=
|pub=IEA
|date=September 2, 2005}} (PDF file)

{{Publish}}
{{PD-Article}}
{{archive}}

[[Category:Economy and business]]
[[Category:Hurricane season, 2005]]
[[Category:Oil price surge, 2005]]
[[Category:United States]]
[[Category:European Union]]
[[Category:OPEC]]
[[Category:Gulf of Mexico]]
[[Category:North America]]
The Petroleum|oil barrels from their strategic reserves next month. "All 26 member countries will take collective action", said the agency in its statement. The announcement was in response to the crude price surge after disruption of oil supply in the Gulf of Mexico caused by .

Earlier today , chief of the European Union's foreign policy, said the EU can provide the 
US with reserves of the member states. Also OPEC is considering taking action.  The United States and Japan already plan to release oil from their reserve stocks.

Oil prices fell slightly today, following the IEA statement, as expected. US light crude fell US$1.57 to US$67.90 a barrel.
Economy and business Hurricane season, 2005 Oil price surge, 2005 United States European Union OPEC Gulf of Mexico North America