Energy agency not planning further oil stock

The International Energy Agency said on Thursday that it was "not now seeking the release of additional" stocks of oil from strategic reserves in oil-consuming countries. The IEA judged that its decision on June 23 to release 60 million barrels had served a market need by bridging a shortfall of Libyan supplies. But the agency said it "continues to closely monitor market conditions, and the IEA stands ready to augment the Libya Collective Action if market conditions again warrant." It said that "while we are not now seeking the release of additional stocks, the Action is not yet complete as stocks are still entering the market."