The International Energy Agency announces the release of 400 million barrels of emergency oil reserves to the market

Odaily Planet Daily reports that the International Energy Agency (IEA) announced today that it will release 400 million barrels of oil from emergency reserves to the market. The IEA stated that the situation in the Middle East has brought “significant and rising risks” to the oil market. These stocks will come from mandatory reserves of IEA member countries. According to regulations, each member country must hold reserves equivalent to at least 90 days of net imports from the previous year. The reserves can be in the form of crude oil, refined products, or a combination of both. The latest IEA data shows that North America’s strategic reserves are mainly crude oil, while European and Asian member countries hold both crude oil and refined products. By the end of 2025, the total oil in public stocks of IEA member countries will be 1.25 billion barrels, accounting for about 30% of the OECD’s total oil stocks. This is the sixth time since the IEA’s establishment in 1974 that an emergency reserve release has been issued. (Jin10)