IEA to Release 60M Oil Barrels

Move designed to counteract 'Libyan disruption'
By Kevin Spak,  Newser Staff
Posted Jun 23, 2011 9:26 AM CDT
In this file photo taken May 29, 2009, an oil rig works in the desert oil field of Sakhir, Bahrain.   (AP Photo/Hasan Jamali, file)

(Newser) – The International Energy Agency will release 60 million barrels of oil over the next month, in a bid to “offset the Libyan disruption,” the group announced today. The oil will come from the strategic reserves of the IEA’s 28 member nations, and will be portioned out at a rate of 2 million barrels per day, Reuters reports.

It’s the third time since its inception during the ‘70s oil crisis that the IEA has moved to goose the supply, and the executive director says he expects it to ensure “a soft landing for the world economy.” Oil prices fell 5.5% after the announcement, to $90.21 a barrel, reports MarketWatch.

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