IEA wants more crude from OPEC

VIENNA, May 20 (UPI) -- Western countries might have to release their strategic oil reserves to keep the economy going unless major oil producers ramp up production, the IEA warned.

Despite recent drops, oil and gasoline prices are near post-recession highs. Growing demand and unrest in oil-producing countries such as Libya are putting pressure on energy prices.

The International Energy Agency said in a statement there is a "clear, urgent need" for more oil from the members of the Organization of the Petroleum Exporting Countries.

The IEA said it may call on Western countries to tap into strategic stockpiles to offset production declines from OPEC member Libya.

Strategic reserves were released only after the first Gulf War in the 1990s cut 4.3 million barrels per day from the market and after Hurricane Katrina in 2005 stopped 1.5 million bpd from getting to the market.

Libya was producing around 1.5 million bpd before the war began in February.

Market analysts told the Financial Times it was unlikely OPEC would raise production before its regular meeting in June. Countries such as Saudi Arabia could unilaterally increase production, however.