Italy open to more oil stock releases if European countries meet pledges
USO•Italy has met its 10 million-barrel commitment under a March oil stock release plan and is open to more releases once other European countries meet theirs. Europe still has about 40 million barrels left to release of 108 million pledged, JPMorgan estimates.
1. Italy meets its commitment
Italy has fully met its commitment under a March oil stocks release plan coordinated by the International Energy Agency and is open to providing more once other European countries meet theirs, an Italian government official said. Rome pledged 10 million barrels, all oil products drawn from industry stocks, IEA data shows.
2. European releases
The IEA agreed to accelerate planned releases from emergency oil reserves and prioritize diesel supplies. JPMorgan estimates Europe still has about 40 million barrels left to release of the 108 million pledged. France announced a 10-million-barrel release from emergency diesel reserves; government spokesperson Maud Bregeon said replenishing the stocks would take about a year, and the release would cover about 20% of the country's diesel consumption over three months.
