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US-led IEA stock release likely in September

Soaring oil prices are likely to trigger a release of strategic oil stocks by Western consumer countries as soon as early September, according to several sources

The loss of supplies from sanctions-hit Iran will be used to justify the move, which could unleash as much or more oil as last year’s 60 million barrel stock release, said market insiders. The International Energy Agency (IEA), which has been a vocal opponent of the idea, is now thought to have agreed with the plan. According to one source, the agency, persuaded by the White House’s determination, has now asked the US not to proceed alone with a release from the country’s Strategic Petroleum Reserve, but to wait for IEA-wide participation. A unilateral release from the US would undermine IEA market credibility, said the source. Worried by the impact of rising gasoline prices on the US econ

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