The West’s battle to steady oil markets wracked by Russia’s invasion of Ukraine continues. The IEA on 7 April outlined details of its latest emergency oil stock release, which is set to see 120mn barrels hit the market over the next six months. This includes 60.6mn barrels from the US as part of its own plan to release 180mn barrels from its Strategic Petroleum Reserve (MEES, 1 April).
Taken together the pledges mean 240mn barrels of emergency stocks are set to be released over the next six months. This comes on top of a 62.7mn barrel commitment by IEA member countries in March (MEES, 11 March). (CONTINUED - 227 WORDS)