IEA Members Back Accelerated Release of 100 Million Barrels of Oil Stocks
International Energy Agency members have agreed to speed up the release of approximately 100 million barrels of oil stocks pledged in March, prioritizing diesel. The agency will hold a governing board meeting next week to review the situation, with about 1.1 billion barrels still held in reserve.
Members of the International Energy Agency (IEA) have expressed support for accelerating the release of approximately 100 million barrels of oil stocks from a pledge originally made in March. The accelerated release will prioritize diesel stocks.
According to the IEA, member countries still retain the equivalent of about 1.1 billion barrels in reserve. These remaining reserves include over 200 million barrels of diesel.
The agency plans to hold a governing board meeting next week to review the situation surrounding the proposed release of oil and diesel stocks into the market.