PARIS: The International Energy Agency said on Thursday the risk of oil supply disruptions due to the conflict between Israel and Hamas is limited but that it stands ready to intervene in markets if necessary.
The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations.A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly disrupt shipments in the Middle East.The region accounts for more than one-third of the world's seaborne oil shipments.
Fluctuating demand'There has been some evidence of large-scale demand destruction, especially in lower-income countries, like Nigeria, Pakistan and Egypt, and signs of accelerating declines within some OECD markets including the United States,' said the IEA, referring to the OECD club of advanced economies.Consumers in developing nations have been hit by the sliding value of their currencies relative to dollar — in which crude oil is priced — and often the removal of gasoline subsidies.
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IEA says risk of oil supply disruptions is limitedOil prices jumped at the start of the conflict but have since eased as there was no immediate disruption to supply flows and other nations have not intervened.
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