The International Energy Agency (IEA) on Thursday announced that its 28 member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya.
The agreement provides that two million barrels drawn from the emergency stocks of the member countries will be put on the market daily, over a period of 30 days. After this period, the situation will be reviewed. This measure is intended in particular to compensate for oil supply problems caused by the conflict in Libya led to the largest decline in four months, the price dropping below $ 90.
The decision by the IEA has been strongly criticized by several oil companies and by the American Republicans, who accused President Barack Obama to squander the country’s strategic reserves for political purposes instead of stimulating the exploration of oil in the U.S. States.