IEA Mulls Release of Oil Reserves

Reuters reported that the International Energy Agency may intervene in the oil market by calling for a release of emergency oil reserves.

As quoted in the market news:

The IEA, whose chief dismissed the need for emergency action as recently as a week ago, is now thought to have agreed to the idea, the industry journal Petroleum Economist reported on Friday, citing unnamed sources.

The agency, which advises industrialized countries on energy policy, was worried that key members including the United States, France and Britain might make act together to draw on stockpiles without coordinating with the rest of the group, undermining its credibility, according to the report, which was largely substantiated by an industry source.

Click here to read the full Reuters report.