IEA emergency oil reserves set to enter global markets

Oil from the International Energy Agency’s emergency reserves will soon begin flowing to global markets, with member countries committing to release 411.9 million barrels, the agency said in a statement on Sunday.

Governments have committed to releasing 271.7 million barrels of oil from government stocks, 116.6 million barrels from industry stocks, which are subject to this obligation, and 23.6 million barrels from other sources, the statement said.

Nearly three-quarters of the volume to be released is crude oil, while 28 per cent consists of petroleum products.

Stocks from Asia and Oceania will be available immediately, while stocks from Europe and the Americas will be available by the end of March.

(Reuters, sak)