IEA and EU discuss proposed oil and diesel stocks release, sources say
USO•The IEA and EU discussed a proposed release of oil and diesel stocks, but the amounts of each remain unclear. About 75 million barrels from the IEA’s March release of 400 million have not yet been released, and EU countries expect them to count toward the new 100-million-barrel plan.
1. Release proposal discussed
IEA countries and the EU’s oil co-ordination group discussed a proposed release on Wednesday, diplomats said. The G7 agreed on Friday to release 100 million barrels; it remains unclear how much will be diesel and how much crude oil.
2. March volumes may count
The IEA said about 325 million barrels of its record 400-million-barrel release announced in March had been released by Friday. Two EU diplomats said EU countries expect the remaining 75 million barrels to count toward the new plan. Germany said it would participate in a further release of the volume already determined by the IEA in March.
3. New volume uncertain
JPMorgan analysts said the latest announcement would not represent 100 million barrels of new intervention. Poland said it was ready to release oil and diesel stocks if consensus is reached, but its energy minister did not expect an IEA decision on Wednesday.
