IEA says 96mn bl yet to be released from stocks

Market: Crude oil, Oil products
14/10/26

Around 96mn bl of oil is yet to be released from stocks under an agreement made by IEA members in March, the agency said today.

In its latest Oil Market Report (OMR), the IEA said its members had released 331mn bl of oil by the end of September, with 46mn bl still to be released in Europe, 40mn bl in the Americas and 10mn bl in Asia-Pacific. It did not provide a crude-to-products breakdown.

The March stock release was initially announced as 400mn bl, but members planned contributions came in at around 427mn bl. The release was in response to the effective closure of the strait of Hormuz in the immediate aftermath of the US-Israeli attack on Iran.

The IEA said today that Japan and Hungary had released more than they had committed under the March announcement.

IEA members are now working to expedite the release of the remaining volumes, including a "substantial" diesel release, following an announcement by G7 leaders earlier this month.

The IEA's latest intervention has been prompted by a combination of the Iran war and Ukraine's accelerated bombing campaign against Russian refineries in the summer. It said the vast majority of these stocks will be released in the next four months.

The IEA's governing board will meet on 15 October "to take stock" of efforts to release more diesel.

By Aydin Calik

IEA emergency stock releases		mn bl
	Released*	To be released

Europe	76	46
Americas	132	40
Asia Pacific	123	10
Total	331	96
*Releases as of end-September.
source: IEA

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