IEA to meet Wednesday over proposed release of reserves, say two EU diplomats
USO•USO•USO•USO•The IEA governing board will meet informally Wednesday to discuss a proposed release of oil and diesel stocks, two EU diplomats said. The G7 agreed last week to release 100 million barrels of crude oil and diesel from emergency reserves, but the planned contributions from Europe and the U.S. remain unclear.
The International Energy Agency’s governing board will hold an informal meeting at 1300 local time on Wednesday to discuss a proposed release of oil and diesel stocks, two EU diplomats said. EU representatives had also discussed the proposal at a meeting Wednesday morning.
Last week, the Group of Seven agreed to release 100 million barrels of crude oil and diesel from emergency reserves and pledged to avoid energy export restrictions. The number of barrels Europe and the United States plan to make available remains unclear, as the industry grapples with shortages and record-high prices.
