Kingdom
Oil: Strategic Reserves Begin to be Released Onto the Market
The released stocks, amounting to 400 million barrels, will be “mostly crude oil, while contributions in Europe will primarily take the form of refined products,” the OECD energy agency specified.
Member countries of the International Energy Agency (IEA) have begun releasing the strategic oil stocks they had announced in mid-March, according to a statement from the Agency.
The released stocks will be “mostly crude oil, while contributions in Europe will primarily take the form of refined products,” the OECD’s energy agency specified on Thursday evening, noting that these stocks “have begun to be made available.”
The IEA, which has 32 member countries, had decided on the principle of releasing around 400 million barrels of oil to cushion the surge in prices triggered by the war in the Middle East. This is the sixth release of strategic stocks in the agency’s history, which was created more than 50 years ago, and the largest ever decided.
According to data published by the institution, the United States will contribute the most with more than 172 million barrels (Mb), followed by Japan with nearly 80 Mb, Canada (23.6 Mb), and South Korea (22.5 Mb).
In Europe, the largest contributors are Germany (19.5 Mb), France (14.6 Mb), and the United Kingdom (14 Mb).
