OPEC official pans IEA oil release

A senior official at the Organisation of Petroleum Exporting Countries has panned the International Energy Agency’s recent oil release, according to reports. Abdullah al-Badri, OPEC Secretary General said: “I hope […]

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By Vicky Ellis

A senior official at the Organisation of Petroleum Exporting Countries has panned the International Energy Agency’s recent oil release, according to reports.

Abdullah al-Badri, OPEC Secretary General said: “I hope this practice will be stopped immediately. We don’t see a good reason to release this quantity and I hope the IEA will refrain from using this
practice,” reported City A.M.

The IEA announced that its member countries would release 60 million emergency barrels of oil as a measure to boost stability and lower prices on the back of disrupted Libyan supply.