325 million barrels of oil from strategic reserves released, says International Energy Agency
The International Energy Agency said on Oct 3 that member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, out of 400 million barrels pledged in March. The update came a day after G-7 countries, coordinating with the IEA, agreed to release 100 million barrels of diesel and crude oil. The G-7 did not say whether the 100 million barrels included the outstanding 75 million barrels from the March IEA commitment.
Why it matters: The drawdown bears on energy security, as IEA and G-7 members release strategic reserves to ease supply concerns arising from the US-Iran war and Ukrainian strikes on Russian refineries.