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Page added on June 23, 2011
IEA To Release 60 Million Barrels Over Coming Months, To Ensure Supply Due To Libya
The much anticipated, and expected, IEA report is here.
- IEA SAYS TO RELEASE STOCKS
- IEA SAYS TO RELEASE 60 MILLION BARRELS OVER COMING MONTHS
- IEA SAYS TO RELEASE STOCKS TO ENSURE SUPPLY DUE TO LIBYA
- IEA SAYS MEASURE TO ALLEVIATE LIBYA UNREST, IMPACT ON SUPPLY
- IEA SAYS 132 MILLION BARRELS LOST TO LIBYA
- IEA SAYS HIGH PRICES DAMAGE ECONOMY OF EVERY COUNTRY; IMPACT WORSE ON DEVELOPING COUNTRIES
- IEA SAYS VOTED FOR EMERGENCY RELEASE FOR ONLY THIRD TIME
Crude:
7 Comments on "IEA To Release 60 Million Barrels Over Coming Months, To Ensure Supply Due To Libya"
John on Thu, 23rd Jun 2011 11:38 pm
I am the only one who expects a massive whiplash from this? I mean, at best, the extra oil from reserves will run out and prices will return to their highs, or worse, demand will pick up based on low prices and the price will rebound even higher than they are now. Isn’t that exactly what they want? More economic activity from this? That means more demand.
Fishman on Fri, 24th Jun 2011 1:03 am
This gives a great reason to use troops on the ground in Libya in about three months also.
Anthony on Fri, 24th Jun 2011 7:00 am
60 million barrels over 3 months? we use 88 million a DAY. 60 million is nothing. The petroleum reserve is only to be used for the military in emergency situations, Not to advance the failing Obama administration. Unbelievable. even if oil was at $150 a barrel you shouldn’t touch this oil. This is an outrage.
Peter on Fri, 24th Jun 2011 7:10 am
Why are they doing this? Is the oil supply much tighter than they are letting on? Sure looks like we are bouncing along the peak oil plateau.
M_B_S on Fri, 24th Jun 2011 11:42 pm
http://howestreet.com/2011/06/peak-oil-long-short/
The International Energy Agency has been increasing its estimates for world oil consumption to over 90 million barrels per day by the 4th quarter of 2011, led by strong demand from China, India and the rest of the emerging world. World supply was already straining to keep up with this demand before the recent tumult in the Middle East. The mayhem in Tunisia, Egypt, Libya, Bahrain, Yemen and Iran has already taken 1.5 million barrels per day off the market, according to the IEA.
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BOOOM!
M_B_S
John on Sat, 25th Jun 2011 1:26 am
The only reasonable explanation I’ve heard so far is that the intent of the move was to chase speculators out of the market and as a sort of slap in the mouth to OPEC for not raising production.
Kenz300 on Sat, 25th Jun 2011 2:30 pm
This will cause speculators to think when making their bets. At any time the IEA could come in and add supply. It makes it harder for them to dive up the price. It is only a short term fix though as longer term demand growth from China and India will continue to cause the price to rise.