IEA confirms release of 325 million barrels from strategic oil reserves
The International Energy Agency in Paris reported on Saturday that member nations have released 325 million barrels from their strategic reserves.
Original March pledge details
Member countries originally promised to release 400 million barrels of oil and derivatives in an action announced on March 11. The current total represents over 80 percent of that initial commitment. Thirty-two nations participated in the collective effort to stabilize global energy supplies.
Recent G7 coordination efforts
G7 countries agreed a day ago to immediately release an additional 100 million barrels of diesel and crude oil. This new agreement aims to ease supply concerns following the fallout from the US-Iran war. The United States government has been pressuring allies to free up diesel reserves to lower prices.
Market factors affecting supply
Iran is throttling ship traffic through the Strait of Hormuz in retaliation for attacks by the US and Israel. Ukrainian strikes on Russian refineries have also impacted the market alongside these geopolitical tensions. Restricted diesel supplies remain a consequence of the ongoing conflict in the Middle East.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Business Recorder
- Dawn
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