IEA: Countries to release 60M barrels of oil
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The International Energy Agency says 28 countries have agreed to release 60 million barrels of crude oil to the market to offset disruptions prompted by Libya's war.
The Paris-based agency said in a statement Thursday that it made the move because the normal increase in demand over the summer "will exacerbate the shortfall further." It also warned that the tight oil market "threatens to undermine the fragile global economic recovery." The countries will make 2 million barrels a day available from their emergency stocks over a period of 30 days. (AP)
