A collective effort by member countries of the International Energy Agency to offset oil market supply disruptions in the Gulf of Mexico caused by Hurricane Katrina was "successfully concluded" last week, IEA chief Claude Mandil said Monday.
The decision to end the operation last Thursday was taken in consultation with all 26 IEA member countries, he said in a statement.
The members "agreed that the impact of hurricanes Katrina and Rita has been successfully addressed by a combination of the IEA collective action, lower than expected demand, world-wide refinery flexibility and additional efforts by producer countries.
"The IEA member countries will exercise flexibility in re-establishing their emergency stock levels through 2006, noting the need to take into account seasonal demand and the possibility of higher than expected refinery maintenance," Mandil said.
The agency, estimating the extent of the damage caused by Katrina on Gulf oil facilities severely would disrupt world market supplies, announced on September 2 that its members would make available their strategic reserves.
It offered two million barrels per day to the international markets for 30 days, or a total of 60 million barrels.
Most of that supply came from the use of stocks and increased production, while "demand restraint measures brought additional relief to the market," the IEA said.
Hurricanes Katrina and Rita roared through the Gulf of Mexico, a region that ordinarily produces nearly one-third of US crude oil imports, in late August and early September, severely restricting production.