By EconMatters World crude oil market has been rocked by the surprise announcement of the International Energy Agency (IEA) to release 60 million barrels of oil from member countries’ strategic petroleum reserves (SPR). The US led the effort by chipping in 50% of the planned release, while Japan, Germany, France, Spain and Italy are providing most of the rest. Questionable Timing This kind of coordinated sale from the IEA has only occurred twice before on a supply emergency basis – 1991 Persian Gulf War, and Hurricane Katrina in 2005. This time around, the “supply emergency”…
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