US Pledged Largest Share as IEA Says 325 Million Barrels Released Since March
The IEA says 325 million barrels of the 400 million pledged in March are out. The G7's new 100 million may add to that total or absorb the rest. The post US Pledged Largest Share as IEA Says 325 Million Barrels Released Since March appeared first on The Rio Times .
Since March, approximately 325 million barrels of oil and fuel have been released under an emergency action of the International Energy Agency (IEA), according to the agency. This accounts for over 80% of the 400 million barrels pledged by its members on March 11. The United States led the pledges with 172.2 million barrels of crude oil.
The update was released following the G7's separate 100-million-barrel deal. IEA Executive Director Fatih Birol announced the figure at the G7 leaders' video meeting on Friday, October 2. The agency's 32 member countries, comprising all G7 nations, agreed to the March action unanimously in March. The IEA held over 1.2 billion barrels of emergency stocks, with industry holding another 600 million barrels under national obligations.
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