The volume of oil and oil products released by International Energy Agency (IEA) member countries from strategic reserves will exceed 400 million barrels.
This was reported in the agency’s press release.
“Some IEA members have released larger volumes to the market in March than initially announced, and other members intend to take the same step. As a result, the total volume of reserves to be released will exceed the initially planned 400 million barrels,” the information states.
In March, IEA member countries agreed to collectively release 400 million barrels of oil reserves, the largest figure in the agency’s history. The decision was made against the backdrop of supply disruptions related to the situation in the Strait of Hormuz.