Oscillations in networks of inhibitory interneurons have been reported at various sites of the brain and are thought to play a fundamental role in neuronal processing. This Letter provides a self-contained analytical framework that allows numerically efficient calculations of the population activity of a network of conductance-based integrate-and-fire neurons that are coupled through inhibitory synapses. Based on a normalization equation this Letter introduces a novel stability criterion for a network state of asynchronous activity and discusses its perturbations. The analysis shows that, although often neglected, the reversal potential of synaptic inhibition has a strong influence on the stability as well as the frequency of network oscillations.