Oil tanks
The International Energy Agency (IEA) said its member countries have released 290 million barrels of oil from their strategic reserves since the releases were announced on March 11. 
In March, the agency agreed to release 400 million barrels from strategic stockpiles to mitigate the sharp rise in oil prices following the outbreak of hostilities between the US and Iran.
In a statement released today, the IEA explained that it continues to monitor developments in oil markets amid the escalating conflict in the Middle East. It noted that tensions affecting shipping through the Strait of Hormuz and the region’s energy infrastructure are exacerbating concerns about supply security.
The agency indicated that its member countries still hold more than one billion barrels of strategic oil reserves and confirmed that further releases are continuing under the emergency release plan.
The IEA warned that continued military escalation and declining commercial stockpiles are increasing concerns about supply shortages, pointing out that markets for refined products, such as diesel and gasoline, are experiencing tighter conditions than the crude oil market.
Oil tanks
The International Energy Agency (IEA) said its member countries have released 290 million barrels of oil from their strategic reserves since the releases were announced on March 11.
In March, the agency agreed to release 400 million barrels from strategic stockpiles to mitigate the sharp rise in oil prices following the outbreak of hostilities between the US and Iran.
In a statement released today, the IEA explained that it continues to monitor developments in oil markets amid the escalating conflict in the Middle East. It noted that tensions affecting shipping through the Strait of Hormuz and the region’s energy infrastructure are exacerbating concerns about supply security.
The agency indicated that its member countries still hold more than one billion barrels of strategic oil reserves and confirmed that further releases are continuing under the emergency release plan.
The IEA warned that continued military escalation and declining commercial stockpiles are increasing concerns about supply shortages, pointing out that markets for refined products, such as diesel and gasoline, are experiencing tighter conditions than the crude oil market.
