By WILLIAM HOROBIN
PARIS -- The French government is in consultation with the
International Energy Agency on whether to release oil stocks in
moves to stem high crude prices, government spokeswoman Valerie
Pecresse said Wednesday.
The IEA, which represents the interests of major energy
consuming rich countries and coordinates strategic oil stocks
held by its members, wasn't immediately available to
France supports a proposal to tap reserves and is also
trying to convince producer nations to put more oil on the
market to help combat speculation pushing prices higher, said
Pecresse who is also budget minister.
Last week, the IEA's executive director, Maria van der
Hoeven, said the agency hasn't discussed plans for a release of
emergency oil stocks with its members.
Her comments came a day after France's Energy Minister Eric
Besson said his country was studying all possible options,
including a release of emergency oil reserves, to stem rising
Earlier this month, US President Barack Obama and UK Prime
Minister David Cameron agreed to keep open discussions about a
possible release of oil held in emergency stockpiles ahead of
sanctions on Iranian oil exports due to come into effect in
Individual IEA member countries may use their stockpiles,
provided they don't fall below 90 days of net imports.
Such a move would normally be undertaken in consultation
with the IEA, van der Hoeven said last week.
Dow Jones Newswires