IEA to speed up oil stocks release including over 20 million barrels of diesel
Members plan to accelerate about 100 million barrels of emergency releases, including more than 20 million barrels of diesel, the IEA said.
- Spain will release 4.4 million barrels from strategic reserves in October, marking the country's second withdrawal following an initial 3.7 million-barrel delivery.
- This October action fulfills part of Spain's March commitment to release oil products equivalent to up to 11.5 million barrels, addressing domestic diesel supply constraints.
- The IEA began meeting Thursday to discuss accelerating roughly 100 million barrels still outstanding from March, including more than 20 million barrels of diesel as soon as possible.
- President Donald Trump warned European Union countries to draw down emergency inventories or face a potential U.S. diesel export ban ahead of the November 3 midterm elections.
- The United States is offering 17 million barrels from the SPR on Friday, though previous attempts to exchange government crude faced low market interest with companies taking only about 500,000 barrels.
23 Articles
23 Articles
U.S. Offers Another 17 Million SPR Barrels as Fuel Crisis Deepens
The United States is putting another 17 million barrels of crude from the Strategic Petroleum Reserve on offer, one day after the IEA accelerated emergency stock releases as governments scramble to get more oil and fuel into a tight market. The Department of Energy issued a request for proposals Friday for an exchange of up to 17 million barrels, part of the 172 million barrels Washington committed to make available under the IEA’s 400-million-b…
IEA to speed up oil stocks release including over 20 million barrels of diesel
The International Energy Agency agreed on Thursday to release over 20 million barrels of diesel to the market and any oil remaining from a record emergency reserves release pledged in March to boost supply and cool soaring prices.
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Spain will release 4.4 million barrels of its oil reserves this October, within the agreement acquired within the International Energy Agency (IEA) last March to moderate the impact of Iran’s war on energy prices. It is the second movement of this kind that the country carries out after a first release of 3.7 million barrels.
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