International Organizations: Update--International Energy Agency Concludes Collective Action in Response to the Interrupted Oil Supplies Caused by Hurricane Katrina

On 22 December 2005, the International Energy Agency ("IEA") concluded the collective action initiated in response to the interruption of oil supplies in the Gulf of Mexico caused by Hurricane Katrina. The collective action, a form of the IEA's Coordinated Emergency Response Measures (CERM), was launched on 2 September 2005 and made available the equivalent of 60 million barrels of crude oil and oil products. The IEA indicated that the interruption of oil supplies had "been successfully addressed by a combination of the IEA collective action, lower than expected demand, worldwide refinery flexibility and additional efforts by producer countries."[1] To re-establish emergency stock levels, the IEA noted that "member countries will exercise flexibility in re-establishing their emergency stock levels through 2006, noting the need to take into account seasonal demand and the possibility of higher than expected refinery maintenance."[2]

Further Information:

• "The International Energy Agency Responds to Oil Supplies Disruptions Caused by Hurricane Katrina"

• IEA Emergency Preparedness

History of IEA Collective Action:

• Conclusion of IEA Collective Action

• IEA Continues Implementation of its Co-ordinated Response, Remains Prepared to Weather the Storms and Encourages Energy Conservation

• Statement By Claude Mandil IEA Executive Director After the meeting of the IEA Governing Board

• Contributions of IEA Member Countries to the Hurricane Katrina Oil Supply Disruption

• IEA Announcement of Emergency Stock Release

[1] IEA, "Conclusion of IEA Collective Action," (05)29, Dec. 26, 2005, http://www.iea.org/Textbase/press/pressdetail.asp?PRESS_REL_ID=171.
[2] Id.