UK monitoring oil market, but no stock release decision
LONDON (Reuters) - Britain is prepared to ask the International Energy Agency (IEA) to take action to deal with high oil prices, but the UK energy ministry and its international partners have not made any decisions to release stocks, a ministry spokesman said on Friday.
"We and our international partners continue to monitor the oil market and stand ready to call upon the International Energy Agency to take appropriate action as required. No decisions have been taken to release stocks at this stage," he said.
Britain's energy ministry is watching oil market developments closely and is in regular contact with producer and consumer countries to consider a response, he added.
"The market remains very tight. This has a knock-on impact on the oil price and therefore the global economic recovery," he said.
The U.S. is also monitoring the market over the coming weeks to decide whether an oil stock release is necessary, a source with knowledge of the situation said.
(Reporting by Karolin Schaps; Editing by Alison Birrane)
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