International Energy Agency: Oil from Emergency Reserves Will Soon Begin Flowing into the Global Market

Odaily News According to the International Energy Agency (IEA), oil from emergency reserves will soon begin flowing into the global market. Stocks from Asian and Oceanian countries will be immediately available for use, while stocks from Europe and the Americas will be available by the end of March. Governments have committed to releasing 271.7 million barrels of crude oil from strategic petroleum reserves and 116.6 million barrels from mandatory industry reserves. Member countries in the Americas will provide 172.2 million barrels of oil. Of the planned oil release, 72% is crude oil and 28% is petroleum products. (Jin10)