Europe must wean IEA from dependence on US
European countries should firmly resist any move made by the US and G7 to release strategic oil reserves in the current situation. Such blatant interference in the market, which would clearly be made only for political (US electoral) purposes, would hurt the credibility of the International Energy Agency (IEA) and make a mockery of the IEA's ambition to become a truly global (rather than 'Western') organisation by extending its reach to China and India. In view of the US' renewed striving for ‘energy independence’, Europe has a vital interest in making the IEA’s global ambition work: the only way for Europe to reduce its dependence on Russia is to connect with China.
