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IEA states agree to release 60-million barrels of emergency oil stocks

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International Energy Agency head Fatih Birol gives details of oil plan to counter rising prices after Russia’s invasion of Ukraine

International Energy Agency chief Fatih Birol speaks at a news conference in Istanbul, Turkey, October 2 2015. Picture: OSMAN ORSAL/REUTERS

“The IEA is moving ahead with a collective oil stock release of 120-million barrels ,” IEA executive director Fatih Birol tweeted. Markets appeared to be cheered by the latest IEA move, with Brent oil falling about 5% to about $101.50 a barrel on Wednesday.The timing of when the additional 60-million barrels from non-US IEA countries would come to market was not immediately clear. Birol said details on specific contributions would be made public soon.

Claudio Galimberti, senior vice-president of analysis at consultancy Rystad Energy, said the US SPR release of 1-million barrels per day would struggle to plug potential lost Russian output of over 2-million bpd.

 

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