The International Energy Agency (IEA) has said that global oil markets appeared to be well supplied in the wake of the September 14 aerial attacks on Saudi Arabia. In a statement dated September 18, the agency said that its member states had enough crude oil in storage to meet demand, even in the face of extended supply disruptions.
According to the statement, IEA members are currently storing about 1.55 billion barrels of oil in government-controlled reserve facilities, plus another 2.9 billion barrels in commercial inventories. The state-owned stocks alone are sufficient to cover 15 days of global demand at current levels.
Nevertheless, the head of the IEA was quoted in the statement as saying there was no room for complacency. “Recent events are a reminder that oil security cannot be taken for granted, even at times when markets are well supplied, and that energy security remains an indispensable pillar of the global economy,” said Dr. Fatih Birol, the executive director of the agency.