Portugal to tap oil reserves to help hurricane-ravaged US
AFP, September, 2005
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LISBON (AFP) — Portugal will lend the United States two percent of its strategic oil reserves, or 60,000 metric tonnes, to help Washington cope with supply disruptions in the aftermath of Hurricane Katrina.
The offer, announced late Friday, follows an agreement by the International Energy Agency (IEA) that all 26 member states would pour 60 million barrels of oil into the global market in a month to deal with the supply shock.
Portugal will offer 40,000 tons of crude currently stored in Germany and 20,000 tons of gasoline from tanks at a refinery at the port of Sines, about 100 kilometres (60 miles) south of Lisbon, the economy ministry said.
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