Over 400 million barrels of oil to be released from emergency reserves, says IEA

Oil from the International Energy Agency emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9 million barrels, the agency said in a statement on Sunday.

Governments have committed to make available 271.7 million barrels of oil from government stocks, 116.6 million barrels from obligated industry stocks and 23.6 million barrels from other sources, the statement said.

It added that 72 per cent of planned releases are in the form of crude oil and 28 per cent are oil products.

Stocks from Asia Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March.