Reference News Network, March 17 report. According to Reuters, March 15 report, the International Energy Agency said it will soon begin releasing more than 400 million barrels of emergency oil reserves into the market. The agency made this statement in its most detailed explanation of a plan to address the sharp rise in crude oil prices since the outbreak of the war in Iran.
The International Energy Agency stated on the 15th that member countries in Asia and Oceania will be the first to release oil reserves, while oil inventories from member countries in the Americas and Europe will gradually be released into the market starting in late March.
The International Energy Agency's statement said that member governments have committed to releasing 271.7 million barrels of oil from government reserves, 116.6 million barrels from industry reserves, and 23.6 million barrels from other sources.
The International Energy Agency said that 195.8 million barrels of the committed oil reserves come from member countries in the Americas, of which 172.2 million barrels come from government reserves.
Member countries in Asia and Oceania have committed to providing 108.6 million barrels of oil reserves, of which 66.8 million barrels come from government reserves; member countries in Europe have committed to providing 107.5 million barrels of oil reserves, of which 32.7 million barrels come from government reserves.
The International Energy Agency's statement said that 72% of the oil reserves to be released are crude oil, and 28% are petroleum products.
Western economies coordinate their strategic oil reserves through the International Energy Agency, which was established in 1974 after a oil crisis. This is the sixth time the International Energy Agency has coordinated the release of oil reserves since its establishment.
According to the International Energy Agency, since the outbreak of the war in Iran on February 28, about one-fifth of global oil and gas supply along the Strait of Hormuz has been disrupted, leading to a surge in oil prices. The release of emergency oil reserves is intended to address this crisis. Iran said on the 11th that as its military continues to attack merchant ships in the Strait of Hormuz, countries around the world should prepare for oil prices to rise to $200 per barrel.
International Energy Agency member countries hold more than 1.2 billion barrels of emergency oil reserves, in addition to 600 million barrels of industry stockpiles held at the request of governments. (Translated by Yang Xueling)
Original: toutiao.com/article/7618133993065677346/
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