Image credit : IEA Oil Market
The International Energy Agency (IEA) said that its member countries had so far avail 290 million barrels of oil to the global market amids the US and Iran tension over the Strait of Hormuz.
IEA Executive Director, Dr Fatih Birol confirmed this in the organisation’s Oil Market Report for July, posted on its website.
” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”
Dr Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.
He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.
