Paris, Oct. 3 (SANA) About 325 million barrels of oil have been released under an International Energy Agency emergency action launched in March, more than 80% of the 400 million barrels pledged, IEA Executive Director Fatih Birol said Friday.
Birol gave the update during a virtual meeting of Group of Seven leaders focused on global energy security and mounting pressure on diesel supplies.
The IEA’s 32 member countries agreed on March 11 to make 400 million barrels of oil from emergency reserves available to the market in response to supply disruptions caused by the war in the Middle East. The agency described it as the largest coordinated stock release in its history.
Birol said the release had helped fill supply gaps and reassure markets. While crude oil exports from the Middle East have recovered considerably, supplies of refined petroleum products remain severely constrained, he said, with disruptions at Russian refineries adding pressure on diesel markets.
G7 leaders agreed Friday on a coordinated release through the IEA of 100 million barrels over four months, starting immediately and taking into account commitments already fulfilled under the March action.
The plan calls for G7 members and partners to release substantial quantities of diesel during the first 20 days.
The G7 also agreed to coordinate refinery maintenance schedules to avoid simultaneous shutdowns and temporarily increase refinery utilization where possible. Countries with significant refining capacity were urged to boost production of refined petroleum products, particularly diesel.
The IEA was asked to monitor implementation and the impact on energy markets and report back within 20 days, including recommendations on possible further measures and the eventual replenishment of emergency stocks.
FJ/ABD
