The International Energy Agency has decided not to repeat a highly unusual decision to draw on strategic oil reserves, while defending the original release as successfully meeting a “market need”.That didn't last long...
The western countries’ oil watchdog made 60m barrels available for 30 days after June 23, saying this would cover the loss of Libyan output before other Opec members could raise their production.
This use of reserves for only the third time in the IEA’s 37-year history had achieved its goal, said the organisation’s secretariat on Thursday. “The action served a market need by adding liquidity and bridging the gap to additional supplies from Opec countries,” read a statement.
Thursday, July 21, 2011
According to the FT: