IEA to meet Wednesday over proposed release of reserves, say two EU diplomats
IEA members backed accelerating a 100 million-barrel reserve release as diesel prices topped $6 a gallon in the United States, officials said.
- The governing board of the International Energy Agency will hold an informal meeting today at 1300 local time to discuss the proposed release of oil and diesel stocks, two European Union diplomats said.
- Under pressure from President Donald Trump, the Group of Seven major economies agreed last week to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions.
- Wars in Iran and Ukraine have curtailed exports and damaged refineries, driving a rise in diesel prices; industry stakeholders remain confused regarding specific volumes Europe and international partners plan to release to address shortages.
- Germany's economy ministry is finalizing approval to release energy reserves, participating in volumes established by the IEA earlier this year as part of the broader 100 million barrel agreement over four months.
- Officials are determining whether the Group of Seven agreement releases the remaining share of an IEA-coordinated 400-million-barrel release from earlier this year or adds extra volumes, a key focus of today's governing board meeting.
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The International Energy Agency's board of directors is discussing the release of oil and diesel stocks following the G7's pledge to release 100 million barrels from emergency reserves. The informal meeting is scheduled for 1 p.m. local time in Brussels, two European Union diplomats said. Representatives of EU countries discussed the proposal earlier in the day. However, no final decision has been confirmed yet on the distribution of quantities …
IEA members support 100 million barrel oil stock release
Member states of the International Energy Agency (IEA) are ready to release their reserves of crude and oil products if and when it is deemed necessary, IEA Director Fatih Birol said in a statement cited by media.His declaration follows a meeting on...
The Agency will hold a meeting of its board of directors next week to discuss the situation, according to the communiqué
(Berlin=Yonhap News) Correspondent Kim Gye-yeon = The International Energy Agency (IEA) announced that it will accelerate the release of strategic petroleum reserves, focusing on diesel, in light of the recent supply shortage...
International Energy Agency (IEA) member states are ready to release more oil from their strategic reserves if needed and will prioritize diesel given the limited supply, the IEA chief said on Wednesday.
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