IEA to speed up release of oil reserves after G7 call
The IEA says it will accelerate delivery of strategic oil stocks, with about 100 million barrels expected to reach the market following a G7 request.
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The International Energy Agency (IEA) says it will speed up the release of strategic oil reserves, aiming to bring about 100 million barrels to market after a call from G7 countries to act quickly as fuel prices rise. [1]
The release is part of a record 400-million-barrel agreement made in March in response to the Iran war. About 330 million barrels have been delivered so far, the IEA said. Some member countries have released more than they initially pledged.
The G7’s request earlier this month was for about 100 million barrels, matching the amount the IEA expects to reach the market by accelerating delivery of the remaining reserves pledged in March.
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