IEA members back faster release of 100 million barrels of Oil stocks
Governments belonging to the International Energy Agency (IEA) support accelerating the release of Oil stocks announced under the collective action agreed in March, according to a statement from the organization cited by Reuters on Wednesday.
The International Energy Agency (IEA) members have unanimously agreed to expedite the release of 100 million barrels of oil stocks pledged in March. This collective action aims to bolster market supply. IEA members also emphasize prioritizing the release of diesel stocks. The IEA currently holds approximately 1.1 billion barrels in reserves, including over 200 million barrels of diesel.
The organization plans to reassess the situation at its upcoming Governing Board meeting next week. Meanwhile, US inventory data indicates tight conditions in certain fuel markets. For instance, gasoline stocks in the US Midwest fell to a record low, and inventories on the US Gulf Coast reached their lowest level since September 2017.
On the brighter side, US crude oil production surged to a record high for the second week in a row. US crude imports from Nigeria also reached their highest level since June 2025. Despite these developments, West Texas Intermediate (WTI) Oil showed minimal reaction, trading around $88.95. WTI Oil is a high-quality benchmark crude sold on international markets.
Global supply and demand dynamics, political instability, OPEC decisions, and the US Dollar's value all influence WTI Oil prices.
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Also reported by 1 other outlet
- IEA members support faster release of reserve oil stocks thenationalnews.com
