IEA plans to release oil reserves, prioritising Asia-Pacific markets

Moscow — The International Energy Agency (IEA) has stated that it will soon begin supplying oil to global markets from its reserves, with priority given to Asia-Pacific markets. The move is intended to respond to the situation caused by the conflict in the Middle East.

“Oil from the IEA’s emergency reserves will soon begin flowing to global markets following the announcement on 11 March that IEA member countries will provide 400 million barrels of oil to the market in response to disruptions caused by the Middle Eastern conflict,” the agency stated.

Crude oil and petroleum products will reach Asia-Pacific markets “immediately,” whilst supplies to the Americas and European markets will commence at the end of March.

According to IEA data, Asia-Pacific countries will receive 66.8 million barrels of oil and petroleum products from government reserves, plus an additional 41.8 million barrels from industrial stocks.

Meanwhile, North and South America will take 172.2 million barrels from government reserves and 23.6 million barrels from “other” sources.

Europe will receive 32.7 million barrels from government reserves and 74.8 million barrels from industrial stocks.