IEA Says Most Emergency Oil Stocks Have Already Been Released
"Around 325 million barrels of the IEA collective action announced on 11 March have so far been released," Executive Director Fatih Birol told G7 leaders.
Birol said the amount represents more than 80% of the 400 million barrels initially pledged by member countries.
The global energy market remains under considerable strain due to the crisis around the Strait of Hormuz, with diesel supplies facing particularly strong pressure.
Attacks by Ukraine on Russian oil refineries have added to the strain on diesel markets, contributing to tighter supplies and higher prices.
In March, IEA members agreed to make 400 million barrels from emergency reserves available to help compensate for supply disruptions linked to the war in the Middle East. The agency described the move as the largest coordinated emergency release in its history.
On Friday, G7 countries agreed to release another 100 million barrels of oil and fuel from emergency reserves through the IEA over a period of four months.
A significant portion of the diesel supplies is expected to enter the market during the first 20 days of the latest coordinated action.
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