IEA Statement

29 March 2012

Energy-market experts from the 28 IEA member-country governments gathered on 28 and 29 March at the IEA Secretariat in Paris for a regularly scheduled quarterly meeting. The experts held productive discussions regarding numerous issues related to global oil and gas markets.

IEA Executive Director Maria van der Hoeven issued the following statement after the meeting concluded:

“The oil market has been tightening in recent months; crude oil prices are very high again, and petrol prices have reached a record high level in some member countries. The International Energy Agency, like many others, is concerned by the impact of these high prices while the global economic recovery remains fragile.

“The IEA is closely monitoring market developments and will remain in close contact with member countries to exchange views about the oil-market situation. As we have mentioned many times, the IEA was created to respond to serious physical supply disruptions, and we remain ready to act if market conditions so warrant.”