30 days ago, on June 23, the IEA announced a release of oil from its member states' strategic petroleum reserves totaling sixty million barrels of crude. Most of it has been released - but some is still waiting to go to market.
The IEA's stated rationale for the release was to replace the loss of 1.5 mbd of production lost from the ongoing war in Libya.
With this week's 30 day review, the IEA has announced that it will not to release additional oil from reserves.
On June 23, prior to the release, the spot price of a barrel of WTI Crude was $95. The day after the announcement, it fell to $90. Today, WTI is trading above $99.
No comments:
Post a Comment