IEA: oil markets well supplied, no need to tap reserves

President Barack Obama faced stiff resistance to the possibility of releasing emergency oil reserves to damp down prices on Friday, with key Asian allies and the head of the West's energy agency rejecting any need for action.

A day after Reuters reported that the White House was "dusting off" plans for potentially tapping the Strategic Petroleum Reserve (SPR), the executive director of the International Energy Agency, Maria van der Hoeven, was blunt in her assessment: "There is no reason for a release."

The IEA "bases our actions on data and reality. The market is sufficiently supplied," she told reporters after a speech in Houston. She said she had not discussed a potential release with members of the Paris-based IEA, which is charged with coordinating use of consumer nations' strategic inventories.

Read Full Article from Reuters

- Posted: 2012-08-17 15:24:44

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