LONDON: The International Energy Agency (IEA) has listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine.
The release of stocks by the US-allied members of the IEA - which is made up of 31 mostly industrialized countries, but does not include Russia - would be their second coordinated release in a month and the fifth in the agency’s history.
It is the largest release from non-US IEA countries, and the biggest by the United States. The United States will match the 60 million barrels tapped by other IEA countries as part of its 180-million-barrel draw from the US Strategic Petroleum Reserve announced in March.
Oil slips as IEA nations ready big release from reserves
The total release of 240 million barrels will be made available to the global market within six months, the IEA said.
“The decision of IEA countries on 1 April was to collectively release 120 million barrels, and the US share in this is 60 million barrels. This is based on a specific methodology for attributing country shares in the action, using oil consumption,” the IEA told Reuters.
“The US decided to release more than their share, in total they announced ‘1 million barrels per day over the next 6 months’, which equates to 180 million barrels, over the period of May to October.”
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