In an effort to lower the high oil price, reserves have just been released onto the open markets from the members of the International Energy Agency, that include the US and the UK.

This is a coordintated effort to reduce inflation caused by high energy prices, which will certainly have a short term impact but for how long? The combined reserves of the IEA members comes to around 4 billion barrels  and would imply a shelf life for this action of around three months plus.

However with Saudi Arabia increasing production also, this will give the world economy much needed breathing space and the hope is that the oil price finds a lower  level in a more stable Middle East environment. Who knows by then the Libyan situation could be resolved.

Maybe someone knows something.