From euronews · Simon Ormiston · · 1m 10s
IEA Reports 325 Million Barrels Released
IEA confirms 325 million barrels of emergency oil released from strategic reserves.
In brief
IEA confirms 325 million barrels of emergency oil released from strategic reserves. The International Energy Agency reported 325 million barrels of oil and derivatives released from strategic reserves, meeting 80% of the March pledge. Originally reported by euronews.
IEA Update
The International Energy Agency said member countries released 325 million barrels of oil and oil-derivative products from strategic reserves, meeting 80 percent of the 400 million barrels pledged in March.
G7 Agreement
G7 leaders agreed to release 100 million barrels of diesel and crude oil within the next four months, including a frontloaded substantial diesel release within the first 20 days.
Strategic Reserve Details
The IEA pledge included 32 member countries, all G7 nations: Britain, Canada, Italy, Germany, the United States, and Japan.
Diesel Export Ban
G7 countries agreed there would be no ban on diesel exports between the two countries, addressing a threat previously raised by Washington.
Market Pressures
The US-Iran war and Ukraine's strikes on Russian refineries have squeezed diesel supplies, with Iran restricting shipping through the Strait of Hormuz.
What matters most
The International Energy Agency reported 325 million barrels of oil and derivatives released from strategic reserves, meeting 80% of the March pledge.
