Sour Reactions to the IEA’s Oil Release
The International Energy Agency’s announcement Thursday that it would be releasing 60 million barrels of oil over the next 30 days in response to the conflict in Libya was met with many questions—questions so obvious that the agency anticipated them in the FAQ that it published alongside the news release on its website.
(Related: Oil States: Are They Stable? Why It Matters)
On two of the questions (in short, “Why now?” and “Isn’t this really about prices?”), the agency simply copied and pasted the exact same sentence: “The IEA is prepared to act when there is a significant supply disruption or an imminent threat thereof.” More specifically, the IEA pointed to seasonal demand and OPEC’s decision