IEA oil supply pledge to exceed target as it boosts release of remaining stocks
The International Energy Agency said its March pledge to release crude oil stocks will exceed its target and that it will accelerate the release of the remaining supplies. Members have so far released 330 million barrels, and the remaining 100 million barrels, including more than 20 million barrels of diesel, will be released in a timely manner consistent with national circumstances, taking total releases above the initial 400 million barrels pledged in March. Oil prices rose after the announcement, with Brent adding 0.15 per cent to $106.20 a barrel and West Texas Intermediate jumping 3.28 per cent to $98.21 a barrel.
Why it matters: The release shows consuming states using co-ordinated emergency stocks as an instrument of energy security while the war in Iran continues to constrain supplies.