IEA to meet Wednesday over proposed release of oil and diesel stocks, diplomats say
USO•The IEA will discuss a proposed release of oil and diesel stocks on Wednesday, while the volume and fuel mix remain unclear. About 325 million barrels of a 400 million-barrel release agreed in March have already been released.
1. IEA meeting planned
The IEA’s governing board will hold an informal meeting on Wednesday to discuss a proposed release of oil and diesel stocks, two EU diplomats said. The G7 agreed last week to a new 100 million-barrel release, but it was not clear whether that would cover the remaining amount from the March deal or add more barrels.
2. Release details unclear
The IEA said about 325 million barrels of the 400 million barrels agreed in March have been released. Germany said it would participate in a further release of the volume already determined in March. Poland said it was ready to release oil and diesel stocks if there was consensus, but its energy minister did not expect an IEA decision on Wednesday.
