International feelings on oil simmer

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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” 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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Reading Time: 1 minute

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.

Reading Time: 1 minute

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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