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Oil from the International Energy Agency's (IEA) strategic reserves is expected to hit global markets soon, after its member countries decided to release a record total of 411.9 million barrels from emergency reserves.
According to IEA data, member governments have committed to releasing 271.7 million barrels from state reserves. Meanwhile, 116.6 million barrels will come from mandatory industry reserves, while another 23.6 million barrels will come from various sources.
The agency announced that the majority of the planned quantity for the market consists of crude oil, representing about 72% of the total, while 28% are refined petroleum products.
Supplies coming from countries in Asia and Oceania are expected to be available on the market immediately. While stocks to be released from Europe and America are expected to enter the market at the end of March.
The decision to release reserves was made last week by the 32 IEA member countries, including the United States, with the aim of mitigating the economic impact of the war in the Middle East.
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