Arab Today, arab today france strategic oil release with uk us
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

France: Strategic oil release with UK, US

Arab Today, arab today

Arab Today, arab today France: Strategic oil release with UK, US

Paris - Arabstoday

France is in talks with the United States and Britain on a possible release of strategic oil stocks to push fuel prices lower, French ministers said on Wednesday, four weeks before the country’s presidential election. Earlier in March, British sources said London was prepared to cooperate with Washington on a release of strategic oil stocks that was expected within months, in a bid to prevent fuel prices choking economic growth in what is also a US election year. France’s Energy Minister Eric Besson told journalists after the weekly ministers’ meeting that the United States had asked France to join it in a possible emergency inventory release. Such a release could happen “in a matter of weeks,” Le Monde daily said on Wednesday, citing presidential sources. Crude oil prices, which have risen almost 16 percent since the start of the year, fell more than a dollar on the news. “It is the United States which has asked and France has welcomed favorably this hypothesis,” Besson said. He also said that the countries were awaiting conclusions from the International Energy Agency (IEA), which coordinates emergency stock releases in case of severe oil supply disruption. The French budget minister and government spokeswoman, Valerie Pecresse, also told journalists France had joined the United States and the UK in IEA consultations to receive authorization to draw from strategic stocks. A PROBLEM FOR POLITICIANS Rising oil prices have become a major headache for politicians around the world including US President Barack Obama aiming for re-election in November and facing public anger over soaring USgasoline prices. Fuel prices in France have hit record levels, prompting an intense debate between presidential candidates ahead of the national election. In neighboring Germany, the government in Berlin said on Wednesday it was unaware of any official request from the United States to release emergency oil stockpiles and did not believe the current situation justified such action under German law. The German law on oil provisions says emergency reserves can only be released in the case of “physical disruption to supplies. In our view there is no physical shortage at the moment,” a government spokeswoman told reporters. Oil reserve releases are normally coordinated by the IEA, representing 28 industrialized countries on energy policy. But the head of the IEA Maria van der Hoeven has said on several occasions that a coordinated IEA release is not warranted because there is no significant supply disruption on world oil markets. Germany and Italy say they are opposed. Van der Hoeven said earlier this month that countries could choose unilaterally to release stocks in consultation with the agency. The IEA declined further comment on Wednesday. The Paris-based IEA has authorized only three coordinated releases since it was founded in 1974, with the last one in June 2011 following the loss Libyan production during its civil war. Aggregate global oil supply outages are running at more than a million barrels a day, a Reuters survey has found, helping provide justification should the US, Britain and France decide to release strategic reserves. Further losses of supply are expected as sanctions on Iran hit its oil exports. “The use of strategic reserves can be justified because it is related to geopolitical tension,” a source at the presidential office was quoted as saying in the newspaper. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france strategic oil release with uk us Arab Today, arab today france strategic oil release with uk us

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france strategic oil release with uk us Arab Today, arab today france strategic oil release with uk us

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday