IEA needs more time to assess Ike oil disruption

Customers wait in line to fill their gasoline cans with fuel at a Houston gas station after Hurricane Ike moved through the area in Houston, Texas, September 14, 2008.

PARIS (Reuters) - The International Energy Agency IEA is still assessing the impact of Hurricane Ike on U.S. oil and gas output and a decision on whether it needs to release strategic stocks could take some time, the IEA said on Monday.

Oil prices fell below $100 a barrel to their lowest level in more than six months, dragged lower by initial assessments Ike might have largely spared energy infrastructure, as well as turmoil on world financial markets.

"The U.S. Energy Department continues to provide information of lost production of crude oil and refined products to the IEA, the Paris-based agency said in a statement. "The analysis is still going on and may take some time" it added.

"The requests for (U.S.) Strategic Petroleum Reserves have so far been limited," the IEA said.

The agency repeated it was ready to act if necessary.

Hurricane Ike, which made landfall on Saturday, devastated Texas and forced the shut-in of energy installations in the U.S. Gulf of Mexico, where U.S. oil and gas production is concentrated.

The IEA, which represents 27 industrialized countries, released emergency stocks in 2005 after Hurricane Katrina caused major disruption in the Gulf of Mexico, especially of refined products.

The IEA said it was assessing together with the U.S. government the extent of the possible damage to production facilities and refinery/gas processing.

"The U.S. Energy Department continues to provide information of lost production of crude oil and refined products to the IEA," the agency said.

(Reporting by Muriel Boselli)