The US has committed to releasing 30mn bl from its SPR
IEA coordinates crude stock release
The intergovernmental body is trying to cool the crude market
IEA members have agreed the “initial release” of 60mn bl of their crude stockpiles, following an emergency meeting “to address significant market and supply disruptions” related to the war in Ukraine. The US has committed to contribute 30mn bl from its Strategic Petroleum Reserves (SPR), and its Department of Energy plans to issues a notice of sale on 2 March. The 60mn bl release is equivalent to around 4pc of member states’ emergency stocks, which stand at 1.5bn bl, the IEA says. This release is only the fourth such coordinated withdrawal in the IEA’s history and the first for more than ten years. The organisation will continue monitoring the situation and says it is “possible” it will reco
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
