West readies oil plan in case of Iran crisis

07.01.2012                      12.Tewet. 5772                      Wajechi

Iran Bedrohung:

West readies oil plan in case of Iran crisis

Western countries discuss tapping up to 14 million bdp of oil from emergency stockpiles if Iran closes the Strait of Hormuz; action would be five-times larger than any other release from reserves.

Western powers this week readied a contingency plan to tap a record volume from emergency stockpiles to replace nearly all the Gulf oil that would be lost if Iran blocks the Strait of Hormuz, industry sources and diplomats told Reuters.
They said senior executives of the International Energy Agency (IEA), which advises 28 oil consuming countries, discussed on Thursday an existing plan to release up to 14 million barrels per day (bpd) of government-owned oil stored in the United States, Europe, Japan and other importers….