IEA closely monitoring situation after Hurricane Harvey

The IEA is monitoring the situation caused by Hurricane Harvey very closely and is in contact with authorities in the United States.

It is too soon to know how long oil production and refining operations will be disrupted, or the extent of the damage. However, for now, the IEA does not see a need to act as the market is amply supplied. Oil stocks, both crude and products, are well above the five-year average, in the United States as well as globally.

The situation is being reviewed constantly and the IEA stands ready to act as required.