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Source: http://www.reuters.com/article/2012/01/06/us-iea-contingency-idUSTRE8051FV20120106
West Readies Oil Plan in Case of Iran Crisis
(Reuters) Peg Mackey and Richard Mably - Western powers this week readied a contingency plan to tap emergency stockpiles to replace nearly all the Gulf oil that would be lost if Iran blocks the Strait of Hormuz, industry sources and diplomats said. Senior executives of the International Energy Agency (IEA) discussed on Thursday a plan to release up to 14 million barrels per day (bpd) of government-owned oil stored in the U.S., Europe, Japan and elsewhere. "This would form a necessary and sensible response to a closure of the strait," a European diplomat said.