Fuel Management

IEA Members to Release 60M Barrels of Oil to Address Shortfall

June 23, 2011

PARIS – The International Energy Agency’s (IEA) 28 member countries agreed to release 60 million barrels of oil in the coming month to address the disruption of oil supplies from Libya. The Agency made this decision due to its expectation that seasonal demand will make this shortfall worse.

IEA member countries plan to make 2 million barrels of oil per day available from their emergency stocks during an initial 30-day period. The IEA said it estimates that the civil war in Libya resulted in the loss of 132 mb of light sweet crude from the market as of the end of May.

IEA said total oil stocks in its member countries are at more than 4.1 billion barrels and that almost 1.6 billion barrels of this amount are public stocks held for emergency use.

The IEA said its governing board will review the effect of this release of oil reserves on the market 30 days from the date of the organization’sannouncement (the release is dated June 23).

Comment On This Story

Comment: (Maximum 10000 characters)  
Leave this field empty:
* Please note that every comment is moderated.


Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All


Public Fleet Tracking And Telematics

Amin Amini from Verizon Connect will answer your questions and challenges

View All


Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Recent Topics

Is a bachelor's degree truly necessary in order to become a fleet manager, or does achieving certification as a CAFM or equivalent carry...

View Topic

Has anyone recently hired an outside consultant to come in and evaluate policies, procedures, staffing and look for efficiencies?

View Topic

Fleet Documents

1134 Fleet Documents (and counting) to Download!

Sponsored by

N. Bud Grossman, co-founder of General Leasing Company (later named Gelco) and past president of the American Automotive Leasing Association (AALA)

Read more

Fuel Saving Strategies Survey

View our 2008 survey to benchmark your fleet's fuel and green strategies with other fleets.

Fuel Calculator

A managed fuel program can help you save time and money and gain control over the way you fuel your vehicles. Determine your potential savings by using our fuel calculator.
Launch Fuel Calculator 

Fuel Prices

U.S. Gasoline and Diesel Fuel Prices.

Launch Fuel Prices