The IEA governing board is expected to decide on details of a release of diesel and crude oil from emergency reserves at its October 14-15 meeting. The G7 agreed to release 100 million barrels last week but did not specify volumes by product or participating countries.
The International Energy Agency is expected to decide how the G7's planned release of 100 million barrels of diesel and crude oil from emergency reserves will be carried out at an October 14-15 board meeting, sources said. The announcement did not break down volumes by product or identify participating countries; one source said Italy would take part.
The European Union's oil coordination group will meet Wednesday to set the bloc's position, a European Commission spokesperson said. Oil market participants and some EU government officials were still trying to determine the details of the release.
Vitol CEO Russell Hardy said the trading house was still trying to understand what would be released and where. He said tenders from different bodies over the next two weeks would provide details on volumes and locations.
