The International Energy Agency has decided not to repeat a highly unusual decision to draw on strategic oil reserves, while defending the original release as successfully meeting a “market need”.
The western countries’ oil watchdog made 60m barrels available for 30 days after June 23, saying this would cover the loss of Libyan output before other Opec members could raise their production.
This use of reserves for only the third time in the IEA’s 37-year history had achieved its goal, said the organisation’s secretariat on Thursday.
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