The International Energy Agency (IEA) announced this Sunday, March 15, that it decided to immediately release surpluses from Asia and Oceania to place 400 million barrels of oil on the market.
However, shipments from America and Europe will begin arriving from the end of March, indicated the AIE, according to this decision taken on Wednesday.
According to an update made by the IEA, member countries have already presented their plans to implement the exceptional measure adopted due to the strong impact that the war in Iran is having on the oil market, especially with the blockade of the Strait of Hormuz, through which 20% of world oil trade passes.
So far, IEA member countries have committed 271.7 million barrels of government reserves, with 116.6 million barrels coming from mandatory industrial reserves and 23.6 million from other reserves, according to data updated today and published by the IEA in a statement.
Currently, countries with the IEA have government reserves of 271.7 million barrels, mandatory industrial reserves of 116.6 million barrels and existing reserves from other sources of 23.6 million barrels, the current dates of which are March 15 and were published by the agency in a statement.
According to the data, and by region, the countries of America have 172.2 million barrels of public reserves and an additional 23.6 million from other sources, with a total composition of crude oil.
In Asia and Oceania, volumes amount to 66.8 million barrels of government reserves and 41.8 million of industry reserves, with a share of 60% crude oil and 40% petroleum products.
In Europe, IEA member countries release 32.7 million barrels of public reserves and 74.8 million of mandatory reserves in this industrial sector, made up of 32% crude oil and 68% refined products.
The IEA indicates that this is the sixth joint emergency action adopted by members, since the creation of the organization in 1974, after similar interventions in 1991, 2005, 2011 and on two occasions in 2022.
The organization also warns that the war in the Middle East is causing the biggest interruption in supply to the world oil market in history.
Although the coordinated release of reserves constitutes the largest emergency mechanism used so far, and has made an important contribution to the market, the IEA emphasized that the resumption of normal vessel transit through the Strait of Hormuz will be the decisive factor in reestablishing stable crude flows.
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