IEA says 325 million barrels of emergency oil released, with 75 million still to come
G7 leaders agreed on Friday to release 100 million barrels of diesel and crude after US pressure on Europe, with supplies squeezed by Iran's restrictions on shipping through the Strait of Hormuz.
The International Energy Agency (IEA) has reported that member countries have released 325 million barrels of oil and oil-derivative products from strategic reserves, with an additional 75 million barrels yet to be released. This release follows a commitment of 400 million barrels announced in March. The decision was made in response to pressure from the US on Europe to tap into reserves and alleviate supply concerns stemming from the US-Iran war.
The G7 leaders, in a statement issued by French President Emmanuel Macron's office, agreed to release 100 million barrels of diesel and crude oil to address the fuel price spike. However, it remains unclear whether the 100 million barrels include the remaining 75 million barrels from the March IEA pledge or are in addition to it.
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