IEA ready to release more oil reserves if necessary
The International Energy Agency's member countries stand ready to release additional oil from their strategic reserves if necessary and will prioritise diesel due to tight supplies of the fuel, the head of the IEA said on Wednesday. IEA member states still have ample reserves of crude oil and refined products and stand "ready to release more of these stocks to the market if and when required", its director Fatih Birol said in a statement. G7 countries, in coordination with the IEA, agreed last Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war. While shipments of crude through the Strait of Hormuz have recently picked up, damage to refineries in the region, along with those in Russia, have led to shortages of some refined products like diesel. "IEA members also supported the prioritisation of the release of diesel stocks, to the extent possible, given the current tightness in diesel markets," Birol said in his statement. The IEA said on Saturday that member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, from 400 million barrels promised in March. Birol said IEA member countries still...
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