News

Strategic Oil stock to be used

Oil and Gas, THE HAGUE NL, 24-06-11 – A small portion of the Dutch strategic oil stock will be used in order to reduce the tension on the oil market. Minister Verhagen of Economics, Agriculture and Innovation writes this in a letter to the government. More than one million barrels of oil will be involved over a period of 30 days.

 

The international Engery Agency(IEA) announced last Thursday 23th june 2011 that the crisis mechanism will be used. The stop of oil production from Libia and the rise in oil demand has increase the tension on the oil markets. For that reason the IEA has decided, after consultation with its members, that 60 million barrels of oil will be placed on the market from the strategic stock.

 

Read the full Dutch version of the article.