IEA members to release more than 400 million barrels from emergency oil reserves, with initial volumes available immediately
The Facts
- The IEA said member countries have agreed to make about 400 million barrels (over 400 million) of oil available from emergency reserves in response to market disruptions linked to the Iran war and the Strait of Hormuz situation.
- The IEA said emergency stocks from member countries in Asia and Oceania will be made available immediately, while stocks from Europe and the Americas will be made available starting from the end of March.
- The IEA said member countries pledged 411.9 million barrels in total, including 271.7 million barrels from government-held stocks, 116.6 million barrels from obligated industry stocks, and 23.6 million barrels from other sources.
- The IEA said 72% of the planned release will be crude oil and 28% will be refined oil products.
- The IEA described the coordinated action as the largest emergency collective release of oil stocks ever.
- The IEA said the planned 400 million barrels is more than double the 182.7 million barrels released by its 32 member countries in 2022 after Russia’s full-scale invasion of Ukraine.
Context
When will the emergency oil actually reach the market?
The IEA said stocks from Asia and Oceania will be made available immediately, while stocks from Europe and the Americas will start to be made available from the end of March. News18 Reuters
Where will the released barrels come from?
The IEA said the pledged 411.9 million barrels include 271.7 million barrels from government stocks, 116.6 million barrels from obligated industry stocks, and 23.6 million barrels from other sources. Hindustan Times Investing.com
What form will the released oil take—crude or refined products?
The IEA said 72% of the planned release will be crude oil and 28% will be oil products. Hindustan Times Times of Israel
The receipts — 82 sources
Wire services (7)
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