IEA ready to go if further oil stocks release needed, chief says
USO•The IEA is ready to coordinate another release of emergency oil stocks if member countries decide it is needed. Members have released 80% of the 400 million barrels pledged in March, and the agency is accelerating delivery of more than 20 million barrels of diesel.
1. IEA ready for action
The International Energy Agency is ready to coordinate a further release of oil from members’ emergency reserves if countries decide it is needed, Executive Director Fatih Birol said. The IEA decided last week to accelerate the release of oil remaining from the record emergency release pledged in March, including more than 20 million barrels of diesel as soon as possible.
2. Release timing varies
The timing of the diesel deliveries depends on individual countries and winter market conditions, Birol said, adding that the agency was trying to front-load them. Members have so far released 80% of the 400 million barrels of crude and oil products pledged in March.
3. Prices remain elevated
War in Iran and conflict in Ukraine have disrupted oil supplies, sending diesel prices to record highs in many markets. Brent crude rose above $111 a barrel on Tuesday, a five-month high, while European benchmark diesel futures were at $1,482.25 per metric ton, up almost 4% since the IEA’s decision on Thursday.
