The International Energy Agency Responds to the Libyan Crisis (ARI)
On 23 June, the International Energy Agency (IEA) announced the release of 60 million barrels of its members’ strategic petroleum reserves in July. In justifying the move, the IEA cited the need to mitigate the effects of the Libyan crisis, but it has been interpreted as a call for the Organisation of the Petroleum Exporting Countries (OPEC) to boost production and not jeopardise the economic recovery, as well as giving Saudi Arabia time to make the announced production increase materialise.