July 21, 2011 / 1:19 PM / 9 years ago

IEA says no more emergency oil stocks release for now

PARIS, July 21 (Reuters) - The International Energy Agency will not release further strategic government stockpiles held by industrial consumer nations for now but said it remained ready to act, the Paris-based agency said on Thursday.

“While we are not now seeking the release of additional stock, the action (June release) is not yet complete as stocks are still entering the market,” the IEA said in a press release.

“The Secretariat continues to closely monitor market conditions, and the IEA stands ready to augment the Libya Collective Action if market conditions again warrant.”

The IEA announced on June 23 the release of 60 million barrels from emergency stockpiles over 30 days in a temporary step to fill a supply gap caused by disruptions in Libyan output. Oil prices fell around 10 percent in the days following the release but have since recovered. (Reporting by Muriel Boselli and Marie Maitre)

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