International feelings on oil simmer

As physical temperatures rise for the summer, so does the heated climate of OPEC and the International Energy Agency.  After production halted in Libya a few months ago, the IEA called for its members to produce more oil to make up for shortfalls caused by political turmoil.  They called for a “constructive spirit” to govern the work of managing international oil supplies.  Now, they are threatening to release their oil reserves in an effort to decrease prices, as they feel that oil-producing countries have not done enough to manage skyrocketing prices.

The IEA feels there is a “widening global imbalance” with oil supplies, even as countries like Saudi Arabia pledge to refine more oil and produce new blends to replace missing Libyan blends.  They have found few buyers for the new blend, forcing prices higher.  If the IEA releases its reserves, which could fuel the needs of their members for about 6 months, there is worry that prices will destabilize.  Members of OPEC are set to meet soon for a “contentious” meeting.

 



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As physical temperatures rise for the summer, so does the heated climate of OPEC and the International Energy Agency.  After production halted in Libya a few months ago, the IEA called for its members to produce more oil to make up for shortfalls caused by political turmoil.  They called for a “constructive spirit” to govern the work of managing international oil supplies.  Now, they are threatening to release their oil reserves in an effort to decrease prices, as they feel that oil-producing countries have not done enough to manage skyrocketing prices. The IEA feels there is a “widening global imbalance”...

As physical temperatures rise for the summer, so does the heated climate of OPEC and the International Energy Agency.  After production halted in Libya a few months ago, the IEA called for its members to produce more oil to make up for shortfalls caused by political turmoil.  They called for a “constructive spirit” to govern the work of managing international oil supplies.  Now, they are threatening to release their oil reserves in an effort to decrease prices, as they feel that oil-producing countries have not done enough to manage skyrocketing prices.

The IEA feels there is a “widening global imbalance” with oil supplies, even as countries like Saudi Arabia pledge to refine more oil and produce new blends to replace missing Libyan blends.  They have found few buyers for the new blend, forcing prices higher.  If the IEA releases its reserves, which could fuel the needs of their members for about 6 months, there is worry that prices will destabilize.  Members of OPEC are set to meet soon for a “contentious” meeting.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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