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IEA sees no more releases of emergency oil stocks

IEA sees no more releases of emergency oil stocks

The new chief of the International Energy Agency says she foresees no more oil stock releases despite continuing uncertainty in Libya and other parts of the Arab world.
The U.S. and more than two dozen other countries that make up the IEA put 60 million barrels of oil into the market this summer in an effort to drive down skyrocketing oil prices. Supplies were particularly tight because Libyan exports had slowed to a trickle during the uprising against Moammar Gadhafi while demand generally rises in the warmer summer months.
Maria van der Hoeven said Wednesday that the release was a success but there would be no more.
It was the largest sale of crude ever from world strategic reserves.


Updated : 2021-04-15 07:40 GMT+08:00