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IEA’s 400m oil barrel reserve release unlikely to provide much relief to markets, analysts warn
RIYADH: The historic decision by the International Energy Agency to release 400 million barrels of oil from strategic reserve stockpiles, the largest such move in its history, is unlikely to provide significant relief to markets, analysts say. The agency announced the measure on March 11 as tanker traffic through the Strait of Hormuz continued to be in a state of paralysis as the US-Israel conflict with Iran continues. The markets immediate reaction to the much-trailed decision was lukewarm, although oil did stay below the $119-a-barrel price seen on March 9, the highest level since mid-2022.
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theguardian.com
Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon
Saudi Arabian state oil firm calls crisis by far the biggest but company can reroute 70% of exports via its east-west pipeline
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cnbc.com
IEA countries to meet later Tuesday on release of oil reserves, but no decision made yet
The IEA's members are advanced economies in North America, Europe and Northeast Asia. They collectively hold about 1.2 billion barrels of oil in reserve.
