The Car and Truck Fleet and Leasing Management Magazine

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).

Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.


Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All


Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All


Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Sponsored by

An abbreviation for greenhouse gas.

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 

Up Next

More From The World's Largest Fleet Publisher