Spain to release 4.4 million barrels in October as IEA starts meeting
USO•Spain will release 4.4 million barrels from strategic reserves in October, an energy ministry official said, as the IEA began a meeting on the timing and scale of further oil stock releases. The release is part of a commitment of up to 11.5 million barrels; Spain previously released 3.7 million barrels.
1. Spain’s planned release
Spain will release 4.4 million barrels from strategic reserves in October, an energy ministry official said, without specifying which products will be released. The move is the second release under Spain’s March commitment to release oil products equivalent to up to 11.5 million barrels; an initial release totaled 3.7 million barrels.
2. IEA discusses further stocks
The IEA’s board began a meeting to discuss the scale and timing of further stock releases. In March, the agency launched a record 400-million-barrel withdrawal in response to shortages caused by the US-Iran war. Last week, it said accelerating previously announced releases could rapidly bring another 100 million barrels to market.
3. Diesel supplies in focus
Diesel prices have surged to record highs in many markets as supplies from Russia and the Middle East have fallen. IEA chief Fatih Birol urged members to assess whether additional diesel releases would be necessary; diesel accounts for almost a fifth of the agency’s publicly held emergency stocks.
