WASHINGTON: The International Energy Agency, or IEA, has listed members’ contributions to a release of 120 million barrels of crude and petroleum products from emergency stockpiles aimed at cooling global oil prices after the invasion of Ukraine by Russia.
The stock release by U.S.-allied members of the IEA — which is made up of 31 mostly industrialized nations, but does not include Russia — would be their second coordinated release in a month and fifth in the history of the IEA. the agency.
This is the largest release from non-IEA countries and the largest from the United States. The United States will match the 60 million barrels tapped by other IEA countries as part of its 180 million barrel draw from the U.S. Strategic Petroleum Reserve announced in March.
The total release of 240 million barrels will be made available to the global market within six months, the IEA said.
“The decision of the IEA countries on April 1 was to collectively release 120 million barrels, and the United States’ share of that figure is 60 million barrels. This is based on a specific methodology for assigning country shares in the stock, using oil consumption,” the IEA told Reuters.
“The United States has decided to release more than its share, in total they announced “1 million barrels per day over the next 6 months”, which is equivalent to 180 million barrels, over the period from May to October .”
Global oil prices are heading for their second weekly decline since the United States announced its largest release of oil reserves in late March, with Brent falling around $10 to briefly dip below $100 a barrel.
Prices hit 14-year highs last month as Western sanctions on Russia disrupted exports of crude and petroleum products from the world’s second-largest crude exporter.
The U.S. and IEA’s full release this year, including a March 1 coordinated release of 60 million barrels, cuts nearly 15% off the nearly 2.1 billion barrels in storage the group controlled before Russia invaded Ukraine.
Japan, the second largest contributor, said it would release a record 15 million barrels. Prime Minister Fumio Kishida told reporters late Thursday that Russia’s invasion of Ukraine was “unforgivable” and that the release would help lower oil prices.
“We must not forgive his invasion and his war crimes. We will demonstrate our will through tough actions,” he said. Russia says its forces are carrying out a “special operation” in Ukraine and denies targeting civilians.
New Zealand said it would bring crude and diesel to the IEA publication. “Our release is made up of approximately 184,000 barrels of crude oil held in Spain and nearly 299,000 barrels of diesel held in the UK,” said New Zealand Energy and Resources Minister Megan Woods. , in a press release.
The other main contributors are South Korea, Germany, France, Italy and Great Britain.