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IEA to unseal oil reserves if new Russia sanctions boost prices

June 18, 2014, 17:37 UTC+3 MOSCOW
In May, the Wall Street Journal reported quoting sources that the US could slap new sanctions on Russia which would cover the oil industry
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© ITAR-TASS/Vasily Alexandrov

MOSCOW, June 18. /ITAR-TASS/. The International Energy Agency (IEA) can unseal its oil reserves if new possible sanctions against Russia push the oil price up, Director of Energy Markets and Security Keisuke Sadamori told the PRIME economic news agency in an interview on Wednesday during the World Petroleum Congress.

“It depends on the situation on the market. If it’s necessary we will start to act,” Sadamori said.

In May, the Wall Street Journal reported quoting sources that the US could slap new sanctions on Russia which would cover the oil industry.

The agency manages oil reserves of 28 largest oil consuming nations, including the US, and has intervened on the market three times since its establishment, in 1991, 2005 and 2011.

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