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IEA To Release 120m/b From Emergency Oil Reserves

ENERGY SECURITY

According to wires the International Energy Agency will release 120 million barrels of oil from emergency reserves in a bid to cool overheating oil prices.

  • The US will contribute half of the total release with non-US IEA members contributing 60 million barrels. It is understood that the US release will be part of the 180m/b announced by President Joe Biden last week to be staggered over 180 days.
  • Saleha Mohsin of Bloomberg: 'This will bring the total amount of oil set to hit global markets to 240 million barrels 180 million from US + another 60m from IEA members.'
  • After the IEA meeting on Friday the agency released this statement: 'The details of the new emergency stock release will be made public early next week. The agreement follows the previous action taken by IEA Member Countries, announced last month, to which they pledged a total of 62.7 million barrels.'
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