This month's featured article
Securing a Future Energy Supply in a Sustainable Manner
TANAKA Nobuo Executive Director, International Energy Agency
On 23 June, for the third time in its history, the IEA announced that its member countries would release emergency stocks of oil. The release of 60 million barrels of oil for a period of one month was in response to the ongoing disruption of oil supplies from Libya, a problem whose effect has become more pronounced as it has continued. The normal seasonal increase in refiner demand expected over the summer will exacerbate the shortfall further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery. The collective action by the 28 member countries is intended to help bridge the gap until sufficient additional oil from producing countries reaches global markets.
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