IEA to accelerate oil reserve release, says 100 million barrels still to come
USO•The IEA agreed to speed up releases under its March plan, saying about 100 million barrels remain to reach the market. It also supported prioritising diesel stocks where possible.
1. Release plans accelerated
The International Energy Agency said member governments supported accelerating oil stock releases announced in March, with the aim of completing them as soon as possible. Members also backed prioritising diesel stocks where possible because of tight diesel markets.
2. New volume unclear
The IEA said about 100 million barrels pledged under the March initiative have yet to reach the market, but did not specify how much would be diesel or crude. Analysts and some governments said the figure might not represent a fresh intervention of that size. IEA members are scheduled to review plans at a board meeting next week.
