IEA members to release oil stocks
The governing board of the International Energy Agency (IEA) has confirmed that its members will release 120 million bbl of oil from emergency stocks, as it seeks to curb the rising price in oil.
Global oil markets are strained following Russia’s invasion of Ukraine, and on 1 April, IAE member countries unanimously agreed to take its second collective action of the year, and have since determined how much of national stocks they can release. Members have now committed to releasing 120 million bbl over the next six months, equating to around 9% of total emergency reserves. This adds to the 62.7 million bbl IEA member countries committed to releasing in the first collective action in March.
The US will contribute about 60 million bbl to this total, which is part of US president Joe Biden’s wider pledge to release 180 million bbl of oil from the US strategic petroleum reserve (SPR) over the next six months.
In total, the next six months will see 240 million bbl of oil made available to the global market.