IEA Head Rules Out Strategic Oil Stocks Release For Now

LONDON – The head of the International Energy Agency, Claude Mandil, Wednesday categorically ruled out any release of strategic oil stockpiles, insisting there was no significant choking off of oil supplies to justify such a move…
Mandil, who has historically called for more crude supplies from OPEC ahead of its meetings, conceded there was little the group could do to ease international crude prices.

Additional OPEC oil “would be no use today and there isn’t a lot of possibilities to increase their output.”

Still, “OPEC has to implement as quickly as possibly investment to increase their capacity,” as well as improve its availability of oil and gas data…

Schlumberger