Wednesday, March 28, 2012

Report: US, UK and France considering releasing Oil

by Calculated Risk on 3/28/2012 10:28:00 AM

The Financial Times is reporting: US, France and UK consider oil release

Asked by reporters ... whether France would join a US-UK move to release strategic stocks, [French energy minister] Eric Besson replied: “It is the US that has asked for it. France is favourable to the suggestion.”

The minister added: “We are waiting now for the conclusions of the International Energy Agency”.
excerpt with permission
The article notes that the head of the IEA has recently said that a release is not warranted because there is no disruption in supply.

More from Reuters: France discussing strategic oil release with UK, US
France's Energy Minister Eric Besson told journalists after the weekly ministers' meeting that the United States had asked France to join it in a possible emergency inventory release.

Such a release could happen "in a matter of weeks", Le Monde daily said on Wednesday, citing presidential sources.
According to Bloomberg, Brent Crude futures are at $123.99 per barrel, and West Texas Intermediate (WTI) is at $105.37 per barrel.