IEA members to accelerate release of strategic oil reserves

IEA President Fatih Birol, in his written statement after the IEA member countries meeting held today, stated that the release of strategic oil reserves to the market will be accelerated within the scope of the joint action decision taken in March this year.

Birol noted that due to the ongoing supply tightness in diesel markets, priority will be given to releasing diesel stocks to the market as much as possible.

Stating that the participants supported the IEA's steps towards the Strait of Hormuz crisis, Birol stated that the member countries reiterated their commitments within the scope of the joint action taken in March.

Birol stated that the participants welcomed the G7 leaders' latest statement on global energy security and market stability, and emphasized the importance of the free flow of energy trade.

Stating that the member countries agreed to re-evaluate the developments at the IEA Board of Directors meeting planned to be held next week, Birol noted that approximately 325 million barrels of oil have been released to the market within the scope of the joint action so far.

Birol stated that some countries released more than their initial commitments and stated that if the commitments that have not yet been fulfilled are completed, approximately 100 million barrels of additional oil will be released to the market.

Stating that the publicly held strategic oil reserves of IEA member countries are approximately 1.1 billion barrels, Birol stated that more than 200 million barrels of this are diesel stocks.

Birol stated that the IEA is ready to release more oil from these stocks to the market if needed.