IEA to complete release of 100M barrels from March intervention

Investing.com -- The International Energy Agency announced Thursday that member countries agreed to complete the release of 100 million barrels of oil remaining from an intervention launched in March to address high fuel prices.

The countries will speed up the distribution of the remaining volumes, including the release of 20 million barrels of diesel "as soon as possible," the agency said in a statement following a meeting of its governing board. Member nations have released 330 million barrels out of 400 million initially pledged in March.

The US had informally lobbied for an additional release to help address rising diesel prices. No formal proposal for extra oil was made at Thursday's meeting, and European officials expressed skepticism about releasing additional barrels at this time, according to people familiar with the matter who asked not to be identified because the talks were not public.

Washington has urged European nations to take more action to reduce the impact of the Iran war and Ukrainian strikes on Russian refineries that are tightening diesel supplies and pushing pump prices to record levels. President Donald Trump has considered banning American exports of the fuel and announced a supply deal with Moscow.

The Paris-based IEA said the total amount released will exceed the 400 million barrels announced in March because some members released more than initially agreed.

The 100 million barrel figure likely includes 40 million barrels that the US said it would release in September.

Member nations "stated their willingness to take further actions to address challenges in global energy markets," the statement said.

Original Article

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