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IEA Mulls Emergency Action To Unleash Oil Reserves: WSJ
IEA plans a historic release exceeding 182 million barrels to counter supply risks from the US-Israel-Iran conflict, aiming to stabilize soaring global crude prices.
- On Tuesday, the International Energy Agency convened an extraordinary meeting in Paris to assess supply and whether to release emergency stocks, hosting G7 energy ministers at its Paris headquarters.
- Amid the Middle East war, tanker traffic through the Strait of Hormuz has slowed and production curtailed, causing crude prices to jump 30 percent on Monday to nearly $120 before retreating.
- IEA member countries currently hold over 1.2 billion barrels of public emergency stocks plus roughly 600 million barrels of industry inventories, meeting the 90 days emergency stock obligation.
- G7 finance ministers discussed a potential release on Monday, while Lescure said the IEA was asked to update stock data and prepare scenarios to stay ready, but the situation was 'not there yet'.
- With about 100 million barrels of oil are consumed globally every day, officials say coordinated releases could shape markets as Iran vows to halt Gulf exports, risking supply disruptions.
132 Articles
132 Articles
The International Energy Agency (IEA) has decided during an emergency meeting to carry out the largest release of global oil reserves, amounting to 400 million barrels of crude oil. What exactly does this strategic reserve look like? And where is all that oil stored?
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