Energy Agency confirms release of 290 million barrels from oil reserves since March

Barrels of oil

The International Energy Agency said member countries have released 290 million barrels from their oil reserves since the announcement of drawdown operations on March 11.

The agency agreed in March to release 400 million barrels from strategic stockpiles to calm the sharp rise in oil prices following the outbreak of war between the United States and Iran.

The agency clarified in a statement issued today that it continues to monitor oil market developments amid escalating conflict in the Middle East, noting that tensions affecting navigation through the Strait of Hormuz and the region's energy infrastructure exacerbate concerns about supply security.

The agency pointed out that its member countries still have more than one billion barrels of strategic oil reserves, confirming that more volumes continue to flow to markets under the emergency release plan.

The Energy Agency warned that continued military escalation and declining commercial inventories increase fears of supply shortages, noting that refined product markets, such as diesel and gasoline, are experiencing tighter conditions compared to the crude market.

International Energy Agency

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