Business | Oil & Gas
Working with India and China is key - Tanaka
Japan's Nobuo Tanaka, set to become the next head of the International Energy Agency, said yesterday his challenges would include working closely with non-IEA-member countries such as China and India about the use of emergency crude oil stocks.
- Reuters
- Published: 00:00 December 26, 2006
Tokyo: Japan's Nobuo Tanaka, set to become the next head of the International Energy Agency, said yesterday his challenges would include working closely with non-IEA-member countries such as China and India about the use of emergency crude oil stocks.
"Due to recent economic developments, non-member countries such as India and China are emerging as big consumers," Tanaka told a news conference in Tokyo. "Releasing reserves would cool the market, but without the cooperation of those countries, it would be hard to make emergency measures meaningful."
Member countries of IEA are obligated to hold 90 days' supply of oil in stock as emergency reserves.
He said China understands that the release of its oil stocks alone would not have an impact on the market, so the IEA and China need to coordinate a framework for emergency situations.
Tanaka's comments came after the IEA said in Nov-ember that China's new strategic oil reserves should only be used in the case of real supply disruptions and not for market purposes.
Tanaka said he would also like to foster discussions on energy security and energy conservation, while developing alternative energy.
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