IEA Accelerates Release of 100 Million Barrels from Strategic Reserves
The International Energy Agency agreed to accelerate the release of 100 million barrels of strategic reserves, including more than 20 million barrels of diesel.
The International Energy Agency agreed to accelerate the release of 100 million barrels from strategic reserves, including more than 20 million barrels of diesel.
Total withdrawals from emergency stocks reach about 330 million barrels, according to reports.
The head of the agency, Fatih Birol, stated that releasing a second tranche of stocks is not currently up for discussion.
Strategic reserves are typically used to compensate for any energy supply disruptions and to cool prices.
What do these terms mean?
International Energy Agency: An international organization that brings together energy-consuming countries and coordinates their supply policies and reserves.
Strategic Reserves: Oil reserves stored by countries for use during emergencies or supply disruptions.
Diesel: A type of liquid fuel used in transportation, shipping, and machinery, derived from petroleum refining.
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