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International Energy Agency members release strategic petroleum stocks

“On June 23, 2011, the International Energy Agency (IEA) announced that its member countries agreed to release 60 million barrels of petroleum from their strategic reserves. The barrels will be made available over the next month and will result in an average release of 2 million barrels per day. As part of the effort, the United States will make available 30 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). The IEA’s 27 other member countries will make available the remaining 30 million barrels in the form of either product or crude oil.”

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