Thursday, July 21, 2011

IEA not planning additional oil release

By Steve Goldstein

WASHINGTON (MarketWatch) -- The International Energy Agency said it's not planning a further oil release after last month's release of 60 million barrels of oil in response to Libyan disruption, though it stands ready to do more if market conditions warrant. The IEA said the release "largely achieved" its aims. "The provision of extra supplies of crude, notably light-sweet crude from the U.S. Strategic Petroleum Reserve, and products has had a number of beneficial impacts in the market," the IEA said, citing narrowed sweet-sour crude differentials, diminished tightness in prompt supply for light sweet crudes, and improved refining margins. The IEA also noted a "sharp" rise in OPEC oil production.

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