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(Arabain Oil and Gas) -- The
International Energy Agency (IEA) is considering whether to add it's oil stocks
to the market in a bid to reduce oil prices, according to Reuters. "The IEA can
do what it wants, there is no shortage in the market. If they want to release
stocks it will be as a mechanism to bring down prices not to fill any supply
shortage," an IEA official, who declined to be named, told Reuters.
The agency, which represents 28 oil-consumer nations, is considering a
rare release of emergency reserves if leading Opec member Saudi Arabia cannot
pump enough to fill the gap left by the stoppage of Libya supplies.
In its 37-year history the IEA has released stocks only twice to fill
lost supplies – in 1990 when Iraq invaded Kuwait and in 2005 after Hurricane
Katrina when it released mostly refined products from Europe for the United
States.
mrcplast.com
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