David Prosser: Obama's about-turn on oil reserves
Friday 24 June 2011
Outlook There's no doubt Opec made a hash of its last meeting in Vienna, where the cartel could not agree on an increase in oil production. Still, the intervention by the IEA yesterday, led by the US, is a curious one. This is only the third time the IEA has released emergency reserves in this way. The last two occasions were in the aftermaths of the first Gulf War and Hurricane Katrina. Is the current situation really of that magnitude?
President Obama said recently he believed interventions of this type should be used only to ease serious supply disruptions rather than to counter prices that IEA members judge to be too high. He now seems to have changed his view. Yesterday's move was both a sop to American motorists and an attempt to bounce Opec into line.
It may yet backfire, particularly since Russia, the world's largest producer, is not necessarily onside.
- 1 Top 20 misconceptions people believe are true
- 2 'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
- 3 Black Mass trailer: Johnny Depp might have started making good films again
- 4 Jacob Lescenski and Anthony Martinez: Straight student asks gay friend to High School prom and makes a million Twitter friends
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Top 20 misconceptions people believe are true
Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
Head transplant: man will be attached to new body in under an hour and aim is immortality, doctor says
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
The sickening truth about food banks that the Tories don't want you to know
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
iJobs Money & Business
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...
£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...