IEA sees oil market as ‘sufficiently supplied’

08/27/2012
International Energy Agency Executive Director Maria van der Hoeven said she sees no reason for a release from the US Strategic Petroleum Reserve (SPR). The IEA “bases our actions on data and reality,” she told reporters after an Aug. 17 speech at Rice University’s Baker Institute, adding, “The market is sufficiently supplied.” Her comments came a day after Reuters reported that the White House was “dusting off” plans for potentially tapping the SPR. Van der Hoeven said she had not discussed a potential release with members of the Paris-based IEA. Last year, the 28 IEA member countries agreed to release oil in response to the disruption of oil supplies from Libya. IEA member countries agr...
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