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The Department of Energy and Climate Change routinely discusses a range of oil market issues with representatives of numerous countries, including the EU, US and some OPEC members. The UK, along with the International Energy Agency, and IEA member countries, will continue to monitor oil market developments carefully, but no decision has been taken to release oil stocks. As IEA Executive Director Maria van der Hoeven recently stated, ““the IEA was created to respond to serious physical supply disruptions, and [we] remain ready to act if market conditions so warrant””. |