The International Energy Agency has ended the release of its emergency oil stocks but says it will be on standby in case the market needs help in future. On 23 June, the IEA made 60 million extra barrels of oil from its member countries available for 30 days, only the third time in its history that it has sanctioned such a move. It was in response to disrupted supply from Libyan oil fields, as the global market lost nearly 1.5 million barrels per day of Libyan supply.
After the 30-day period, the IEA has decided not to extend the release because it says market conditions are now improved. It puts this down to the extra oil released by the IEA and a “sharp rise” in oil production from OPEC (Organisation of the Petroleum Exporting Countries).
The independent organisation will keep an eye on events in the market, said a statement: “A number of uncertainties remain which demand vigilance, notably the duration of the Libyan disruption, the future evolution of OPEC supply as well as the final impact of the stock release itself.”