PARIS, March 15 (Xinhua) -- The International Energy Agency (IEA) said on Sunday that oil from the emergency reserves of its member countries in Asia and Oceania will be released immediately to help stabilize global markets.
According to an IEA statement, oil from the agency's emergency reserves will soon begin flowing into global markets, with member countries having already submitted individual implementation plans outlining the release. Reserves held by member countries in the Americas and Europe will start to be made available from the end of March.
The agency said its 32 member countries unanimously agreed on March 11 to release 400 million barrels of oil in response to disruptions caused by the Middle East conflict. Of this total, 271.7 million barrels will come from government stocks, 116.6 million barrels from obligated industry stocks, and 23.6 million barrels from other sources. Seventy-two percent of the release will be crude oil and 28 percent refined petroleum products.
"The war in the Middle East is creating the largest supply disruption in the history of the global oil market," the IEA said, adding that the coordinated release represents the largest collective emergency action to date and will provide an important buffer for global oil supply. However, the agency noted that restoring normal shipping through the Strait of Hormuz remains the most critical factor in stabilizing oil markets. ■
