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<title>IEA sees no need yet to act on post-Harvey oil supplies &#8211; Kallanish Energy News</title>
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			IEA sees no need yet to act on post-Harvey oil supplies		</h1>
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<span class="entry-meta-date updated"><i class="fa fa-clock-o"></i><a href="http://www.kallanishenergy.com/2017/08/">August 30, 2017</a></span>
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<p>The International Energy Agency (IEA), an energy advisor to its 29 member countries, said Monday no action is needed to determine the impact of Hurricane Harvey on oil production and refining operations.</p>
<p>“It is too soon to know how long oil production and refining operations will be disrupted, or the extent of the damage,” the Paris-based agency said. “However, for now, the IEA does not see a need to act as the market is amply supplied.”</p>
<p>Oil inventories for both crude and petroleum products are “well-above” the five-year average in the U.S. and globally. The adverse weather conditions following the worst hurricane to hit Texas in decades has forced offline roughly 3-4% of U.S. oil production, according to RBC. It has also shut at least 10 refineries in the Houston area, <strong>Kallanish Energy</strong> understands.</p>
<p>“The IEA is monitoring the situation caused by Hurricane Harvey very closely and is in contact with authorities in the U.S. … The situation is being reviewed constantly and the IEA stands ready to act as required,” it said, in a statement.</p>
<p>The agency coordinates emergency fuel releases when natural disasters or war interrupt global energy supplies. On Tuesday, IEA’s head of Oil Markets, Neil Atkinson, told <em>Reuters </em>“fuel stocks are very high at the moment so the issue is whether you can move fuels around and if trucks and pipelines can operate.”</p>
<p>He reiterated the current record stocks are expected to cushion any supply shortfalls, but that the agency will act if needed.</p>
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										Budget deal restores credits for charging stations, fuel-cell cars									</a>
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										Oil market &#8216;unconvinced&#8217; by recent price rally: Goldman									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/kogas-in-lng-arbitration-with-australias-north-west-shelf-gas/">
										KOGAS in LNG arbitration with Australia&#8217;s North West Shelf Gas									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/oklahoma-retracting-wind-energy-incentives/">
										Oklahoma retracting wind energy incentives									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/putin-wont-flood-the-market-with-oil-barkindo/">
										Putin won&#8217;t flood the market with oil: Barkindo									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/u-s-crude-settles-at-59-29-stabilizing-after-worst-week-in-2-years/">
										U.S. crude settles at $59.29, stabilizing after worst week in 2 years									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/opec-sees-higher-2018-oil-demand-but-more-rival-supply/">
										OPEC sees higher 2018 oil demand, but more rival supply									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/oklahoma-quakes-being-tracked-in-new-areas/">
										Oklahoma quakes being tracked in new areas									</a>
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									<a href="http://www.kallanishenergy.com/2018/02/13/pef-acquires-majority-stake-in-production-tank-vessel-maker-petrosmith/">
										PEF acquires majority stake in production tank/vessel maker Petrosmith									</a>
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										BP, Energean extend long-term offtake pact for Prinos field									</a>
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				<div id="tab-mh_magazine_tabbed-3-3" class="mh-tab-content mh-tab-comments"><ul class="mh-tab-content-comments">								<li class="mh-tab-comment-item">
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									<span class="mh-tab-comment-author">
										FERC denies latest Constitution Pipeline petition | | Ohio Valley Corporate Accommodations: 									</span>
									<a href="http://www.kallanishenergy.com/2018/01/15/ferc-denies-latest-petition-from-constitution-pipeline/#comment-3832">
										<span class="mh-tab-comment-excerpt">
											[&#8230;] Learn more: Kallanish Energy &gt; FERC denies latest petition from Constitution Pipeline [&#8230;]										</span>
									</a>
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									<span class="mh-tab-comment-avatar">
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									<span class="mh-tab-comment-author">
										Company to drill U.S. Steel mill near Pittsburgh | | Ohio Valley Corporate Accommodations: 									</span>
									<a href="http://www.kallanishenergy.com/2018/01/17/company-seeks-to-drill-at-u-s-steel-mill-near-pittsburgh/#comment-3831">
										<span class="mh-tab-comment-excerpt">
											[&#8230;] Learn more: Kallanish Energy &gt; Company seeks to drill at U.S. Steel mill near Pittsburgh [&#8230;]										</span>
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									<span class="mh-tab-comment-author">
										Constitution Pipeline petitions U.S. Supreme Court | | Ohio Valley Corporate Accommodations: 									</span>
									<a href="http://www.kallanishenergy.com/2018/01/18/constitution-pipeline-files-petition-with-u-s-supreme-court/#comment-3830">
										<span class="mh-tab-comment-excerpt">
											[&#8230;] Learn more: Kallanish Energy &gt; Constitution Pipeline files petition with U.S. Supreme Court [&#8230;]										</span>
									</a>
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             class = "yop-poll-question-100_yp5a82c85d8d252">Last week, U.S. crude production set another record, at 10.25 million barrels per day, with no top limit in sight. Given this situation, do you see the OPEC/non-OPEC pact to cut production by 1.8 MMBPD crumbling?</div>
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