The IEA is now releasing 426 million barrels from its strategic reserves
The International Energy Agency (IEA) announced on Thursday that it has begun releasing “initial volumes” of strategic crude oil reserves. Which were revised slightly upward from the initial 400 million barrels to 426 million barrels.
“The global release of emergency stocks will consist mainly of crude oil. While in Europe the contributions will primarily take the form of refined petroleum products,” the IEA said in a statement.
The Paris-based agency warned that “the war in the Middle East is causing the greatest supply disruption in the history of the global oil market.”
