The IEA's 412mn bl emergency stock release will comprise more than 70pc crude, with Asian members making their share immediately available, the Paris-based agency said.
IEA member countries agreed to their largest ever emergency stock release on 11 March, in response to the de facto closure of the strait of Hormuz — through which normally around 17mn b/d of crude and products pass.
The IEA today said the release would total 412mn bl, including 295mn bl of crude and 117mn bl of refined products (see table).
But the IEA did not provide details on discharge rates, so it is unclear how quickly the oil will be drawn from stocks.
Asian and Oceania members — Japan, South Korea, Australia and New Zealand — will make their share of 65mn bl of crude and 43mn bl of products available straight away, the agency said.
Asia is the region most immediately affected by the supply disruptions, as this is where most Mideast Gulf supplies normally go.
But the bulk of the release, which will come from Americas and European members, will only start to hit the market at end of March, the IEA said.
Americas volumes amount to 196mn bl, entirely consisting of crude. Most of this — 172mn bl — will come from the US' Strategic Petroleum Reserve.
European contributions equal 108mn bl — 34mn bl of crude and 73mn bl of products.
| IEA emergency stock release | mn bl | |||||
| Government | Industry | other | Crude | Products | Total | |
| Americas | 172 | 0 | 24 | 195.8 | 0 | 195.8 |
| Asia, Oceania | 67 | 42 | 0 | 65.2 | 43.4 | 108.6 |
| Europe | 33 | 75 | 0 | 34.4 | 73.1 | 107.5 |
| Total | 272 | 117 | 24 | 295.4 | 116.5 | 411.9 |
| source: IEA | ||||||
