The International Energy Agency (IEA) confirmed yesterday that member countries have released 325 million barrels of oil and oil-derivative products from strategic reserves, representing over 80 per cent of the 400 million barrels pledged in March.
The update follows Friday’s G7 decision to immediately release an additional 100 million barrels of diesel and crude oil.
The IEA’s March commitment marked the largest-ever oil reserve release in the agency’s history, surpassing the 182.7 million barrels deployed in 2022 following Russia’s invasion of Ukraine.
The 32 member countries, including all G7 nations, pledged the emergency action to counter supply disruptions caused by the effective closure of the Strait of Hormuz during the US-Iran conflict.
IEA Executive Director Fatih Birol said the release had helped fill supply gaps and reassure markets, though refined petroleum products remain severely constrained.
Crude oil exports from the West Asia have recovered considerably, but diesel markets face acute pressure, exacerbated by Ukrainian strikes on Russian refineries.
The G7 countries on Friday agreed to release up to 100 million barrels over the next four months, including a substantial frontloaded diesel release within the first 20 days.
The coordinated action aims to address ongoing energy supply concerns whilst the Strait of Hormuz crisis continues to disrupt global oil flows.
Please click here to add Swarajya as your preferred and trusted news source on Google
