Emergency global stockpile oil coming soon, IEA says
Stating that more than 400 million barrels of oil will soon begin to flow from the International Energy Agency’s emergency reserves, the agency made the most detailed statement of its plan to combat the increase in crude oil prices since the beginning of the Iran war.
The agency announced that stocks from Asian and Oceanic countries will be available immediately, and stocks from Europe and America will be available for sale at the end of March. in question On Sunday, four days after the deal was announced.
In the statement, it was stated that the governments committed to provide 271.7 million barrels of oil from state stocks, 116.6 million barrels from compulsory industrial stocks and 23.6 million barrels from other sources.
The IEA said that the majority of the committed reserves (195.8 million barrels) came from member countries in the Americas, of which 172.2 million came from state stocks.
Member states of Asia and Oceania have committed to contribute 108.6 million barrels, including 66.8 million from government stocks, while Europe has committed 107.5 million barrels, including 32.7 million from government stocks.
In the IEA statement, it was stated that 72 percent of the planned emissions are in the form of crude oil and 28 percent are in the form of petroleum products.
The governments of 32 countries coordinate their strategic oil stocks through the IEA, which was established in 1974 following the oil crisis.
This is the sixth coordinated stockpile release since the agency’s founding.
According to the IEA, this statement is aimed at combating the rise in oil prices caused by disruptions to about one-fifth of global oil and gas supplies across the Strait of Hormuz since the war began on February 28.
The world should be ready for oil at $200 a barrel as its forces continue to hit commercial ships in the strait, Iran said on Wednesday.
IEA members hold emergency stocks of more than 1.2 billion barrels, with another 600 million industrial stocks held under government liability.
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