BREAKING NEWS

Report: G8 to call on IEA for 'action' on oil if needed

CAMP DAVID, Md., - Group of Eight leaders agreed on Saturday to call on the International Energy Agency to take "appropriate action" if there are further disruptions to the oil market in the coming months, sources familiar with the G8 draft communique said.
"There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth. In response, major producers have increased their output while drawing prudently on excess capacity," the statement will say, according to the sources."Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," it says.
The statement makes no explicit mention of releasing strategic oil reserves.
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