US EditionOil Price Dips Under US$100, Stocks Fall Tracking Middle East War Developments
The International Energy Agency coordinated a historic release of 400 million barrels from member countries to address the largest oil supply shock caused by Middle East tensions.
- This week the International Energy Agency announced the largest coordinated release of government oil reserves, pledging nearly 400 million barrels two weeks after US and Israel strikes on Tehran.
- Tehran's actions have included retaliatory strikes and a Strait of Hormuz blockade that pushed Brent crude above US$100 after the February 28 killing of Supreme Leader Ayatollah Ali Khamenei, with new Supreme Leader Mojtaba Khamenei insisting the Strait remain shut.
- The US pledged 172 million barrels, with releases beginning next week and lasting roughly 120 days, according to Secretary of Energy Chris Wright.
- Markets reacted sharply as crude surged more than 9 per cent Thursday with Brent crude ending above $100 while Asian equity markets fell, and Helima Croft warned relief could evaporate in three weeks.
- Officials say the reserves will be refilled by replacing about 200 million barrels next year, while data firms estimate IEA members could add 1.2 million barrels per day, but reopening the Strait of Hormuz remains key.
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11 Articles
The International Energy Agency (IEA) reported that Israel's and U.S. aggression against Iran has already led to the largest disruption of oil supply in history, with a global supply contraction estimated at 8 million barrels per day. In order to stabilize the availability of crude oil and combat price increases that already impact the world economy, the agency agreed to release a record 400 million barrels of oil from the strategic reserves of …
Italy participates in the coordinated release of emergency oil reserves decided by the member countries of the International Energy Agency (IEA) to stabilize the international markets. The Ministry of Environment and Energy Security (Mase) has confirmed that the national contribution will be 10 million barrels, quota that represents approximately 2.5% of the total of 400 million barrels allocated altogether by the member countries. The volume, p…
Italy to release nearly 10 million barrels of oil
Italy will release 9.966 million barrels of its oil reserves, corresponding to approximately 2.5% of the total barrels made available by the IEA countries to address the oil emergency, the environment and energy security ministry said Thursday. (ANSA)
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