IEA: Record Reserve Crude Oil to be Immediately Released to Asian Market, Europe and America Must Wait Until End of March

Odaily News According to a statement released by the International Energy Agency (IEA) after receiving implementation plans from its member countries, the agency stated that the oil from this record reserve release will be immediately made available in Asia as buyers there rush to fill the supply gap caused by disruptions from Middle East conflicts. Oil destined for Europe and the Americas will not be available until the end of March. The IEA stated last week that the global oil market is facing the most severe supply disruption in history due to the Middle East conflict effectively blocking the critical Strait of Hormuz shipping lane. Asian buyers are the most dependent on oil supplies from the Middle East, making the speed of this reserve release particularly crucial for the region. IEA Executive Director Fatih Birol posted on X, stating: "This will bring an unprecedented additional volume of oil supply to the market starting March 16. However, reopening the Strait of Hormuz is essential for restoring stable oil flows." Globally, approximately 72% of the total committed oil volume is crude oil, with 28% being petroleum products. (Jin10)