US-IEA tensions over oil stock releases

摘要

Talk of a strategic release of oil from reserves by western powers due to the perceived threat of rising crude prices has lead to much toing and froing between the International Energy Agency (IEA) and its leading member nations. The US which owns the largest stockpile of government-owned emergency oil in the world, has been the most vocal about its intention to release some of its inventory in order to bring down global oil prices following a sharp rise to around US$114 for WTI at the end of June.