Amrita Sen, analyst at Barclays Capital, believes the IEA's move will backfire if Saudi Arabia now withdraws its pledge to ramp up production by 1m barrels per day. However, others think that the release has the tacit support of Saudi Arabia and its Gulf neighbours. One thing is for sure: it will anger Opec members like Iran, Nigeria and Venezuela, which cannot offset lower oil prices by increasing production because they do not have the capacity.