Member countries of the International Energy Agency have released 325 million barrels of oil from strategic reserves, following a G7-backed decision to ease global energy supply concerns linked to the fallout from the US-Iran conflict.
A graphic illustration of barrels of crude oil
The International Energy Agency said Saturday that member countries had so far released 325 million barrels of oil and oil derivatives from strategic reserves, down from the 400 million barrels promised in March.
The update came a day after G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war.
The G7 did not say whether the 100 million barrels included the outstanding 75 million barrels from the March IEA commitment, or came on top of that.
AFP
