IEA Reveals Details of Oil Inventory Release of 182.7 Million Barrels
International Energy Agency member countries will release a total of 182.7 million barrels of oil from emergency stocks over six months, of which 74% will come from public stocks and the remaining 26% from drawdown national storage obligations imposed on industry, the IEA mentioned Friday in an update on the release of oil inventories.
Since the Russian invasion of Ukraine, IEA members, including the United States, have announced releases of Strategic Petroleum Reserves (SPRs) in an attempt to stem soaring oil and gas prices. gasoline and make up the gap that unwanted Russian oil due to self-sanction sanctions would leave.
IEA members announced in early April that they would release an additional 120 million barrels from their emergency oil stocks over a six-month period. The class action, the largest in IEA history, comes on top of the release of 62.7 million barrels agreed in March. A total of 60 million barrels of the IEA’s latest 120 million release has already been accounted for under the 180 million barrel SPR release announced by the United States in late March.
Of the 182.7 million barrels, nearly 50 million barrels are in the form of petroleum products, the IEA said today. Petroleum products account for 27% of released stocks, while crude is at 133.8 million barrels, or 73% of the 183 million barrels released.
The United States is the largest contributor, with the release of crude alone, 90.6 million barrels. Japan, South Korea, Germany, France, the United Kingdom and Spain are also among the main contributors to the collective release of 183 million barrels.
“Member countries started releasing emergency stocks in March, following the initial decision of the IEA. And based on the April 1 decision, they will release volumes for the period up to October, depending on the specific storage system and market needs in each country,” the IEA said on Friday.
By Tsvetana Paraskova for Oilprice.com
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