25 Jun '11, 8am

Government controlled oil stocks | Energy Bulletin: Here is the recent history of government controlled oil stoc...

Government controlled oil stocks | Energy Bulletin: Here is the recent history of government controlled oil stoc...

International Energy Agency (IEA) Executive Director Nobuo Tanaka announced today that the 28 IEA member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya. This supply disruption has been underway for some time and its effect has become more pronounced as it has continued. The normal seasonal increase in refiner demand expected for this summer will exacerbate the shortfall further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery. In deciding to take this collective action, IEA member countries agreed to make 2 million barrels of oil per day available from their emergency stocks over an initial period of 30 days. Leading up to this decision, the IEA has been in close consultation with major producing countries, as well as with key non...

Full article: http://energybulletin.net/stories/2011-06-24/government-c...

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