IEA says 325 million barrels of emergency oil released, with 75 million still to come
World2 sources2 countries🔦 Under-reported48m ago
The International Energy Agency (IEA) announced on Saturday that member countries have released 325 million barrels of oil and oil-derivative products from strategic reserves. This release is part of a 400 million barrel commitment initially pledged in March, leaving 75 million barrels still to come.
The announcement followed an agreement by G7 leaders on Friday to release an additional 100 million barrels of diesel and crude. The decision came amid US pressure on Europe and global supply squeezes caused by Iran's restrictions on shipping through the Strait of Hormuz.
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Euronews (FR)Highlights US pressure on Europe and Iranian shipping restrictions as drivers.
Newz