IEA says reserve releases will top 400 million barrels
The agency says member nations remain open to further releases as a supply gap tied to Iran persists.
Published
The International Energy Agency says oil released from member reserves since March will exceed 400 million barrels, and that member nations are willing to take further action in global markets.
It also runs well past the scale of the diesel-focused plan that member nations had been weighing through early October.
The agency has pointed to a shortfall of 1.73 million barrels a day in global supply, linked to the loss of Iranian output. Its willingness to keep the door open to more releases suggests that gap is not yet seen as closed.
For oil markets, the message is that supply additions are being treated as an ongoing response rather than a single fix. That caps the case for a sustained price rally built on the shortfall, since further barrels could be added if the deficit persists.