Loss of Libyan oil bigger disruption to supply than Katrina: IEA

Reuters News
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Posted: Jun 24, 2011 8:38 AM
Loss of Libyan oil bigger disruption to supply than Katrina: IEA

LONDON (Reuters) - The loss of Libyan oil output since February was a much bigger disruption to global oil supply than the aftermath of hurricane Katrina in 2005, Richard Jones, the deputy head of the International Energy Agency told Reuters Insider TV.

On Thursday, the International Energy Agency which represents the major oil consumers agreed to release 60 million barrels from emergency stockpiles, sending crude prices tumbling.

(Reporting by Simon Falush and Zaida Espana)