IEA to speed up oil stocks release, including over 20 million barrels of diesel
USO•The International Energy Agency agreed to accelerate the release of remaining emergency oil stocks pledged in March, including more than 20 million barrels of diesel as soon as possible. About 330 million barrels of the more than 400 million pledged have been released so far.
1. Diesel release accelerated
The 32-nation International Energy Agency agreed to speed up the release of oil remaining from a record emergency reserves pledge made in March, including over 20 million barrels of diesel as soon as possible. The agency said members had specific release plans in place.
2. March pledge progress
Countries pledged more than 400 million barrels of crude and oil products in March in response to the Strait of Hormuz crisis. About 330 million barrels have been released so far, and the IEA said some members have released more than pledged while others plan to do so.
3. National reserve plans
Spain said it would release 4.4 million barrels from strategic reserves in October, without specifying the products. It has released 3.7 million of the 11.5 million barrels it pledged in March.
