This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

IEA Ready to Release More Oil: Tanaka

By Catherine Boyle, Web Producer,

NEW YORK ( CNBC) -- The International Energy Agency is ready to release more oil onto the market if necessary, Nobuo Tanaka, Executive Director of the agency, told CNBC in a first on CNBC interview Friday morning.

"We are ready to act at any time and if we have to we will continue," Tanaka said. He added that the watchdog "sometimes had to bite".

On Thursday, the IEA announced the surprise release of 60 million barrels of oil from the strategic petroleum reserves of 28 nations. The statement sent shockwaves through global markets and sent oil prices down to around $91 per barrel, their lowest level since February.

More from CNBC
Oil Traders: Tapping Reserve Was 'Genius' Move by Obama
Tapping Oil Reserve Still Won't Lower Gas Prices Below $3
Surprise Oil Release by IEA Rattles Markets, Investors

Rogers, whose portfolio is mainly in commodities and currencies, said oil prices will rise.

"The only test of the right oil price is whether we can maintain the level of the global economic recovery. At the same time, we want to maintain investment level and exploration," Tanaka added.

"We are convinced the market is getting tighter so if we don't loosen up we could see a much more difficult situation and a hard landing for the economy," he added.

The decision to release 60 million barrels of oil followed market disruption prompted by trouble in the Middle East and divisions in the OPEC countries over whether to raise production. The agency also wanted to stave off a possible spike in energy prices. The IEA believes that the crisis in Libya had removed 132 million barrels of oil from the market by the end of May, and predicts that Libyan oil will mainly remain off the market until the end of the year.

It was just the third time in the agency's history that its members released some of their more than four billion barrels of stocks. The United States will provide half, Europe 30% and members in Pacific Ocean the remaining 20%.

The two previous releases of oil came during the Gulf War and shortly after Hurricane Katrina.

While 60 million barrels only represents around 17 hours of global consumption, the market was spooked on Thursday.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs