The International Energy Agency (IEA) issued a statement on the 11th, stating that its 32 member states had unanimously agreed to release 400 million barrels of strategic oil reserves to address the tightening of global oil supplies caused by U.S. and Israeli military strikes on Iran.
IEA Executive Director Fatih Birol said that the release of strategic oil reserves would be carried out step by step, according to the specific circumstances of each member state and within an appropriate timeframe. The IEA will announce the detailed plan for releasing the 400 million barrels of oil reserves at a later date and will continue to closely monitor changes in the global oil and natural gas markets.
Birol previously stated in a press release that, at present, IEA member states collectively hold more than 1.2 billion barrels of public emergency oil reserves. In addition, there are around 600 million barrels in company reserves under government control by member states.
According to relevant mechanisms, IEA member states must ensure that oil reserve levels are equivalent to at least 90 days of net imports and must be prepared to respond to serious supply disruptions that may occur in the global oil market.
U.S. to Release 172 Million Barrels of Strategic Oil Reserves
The U.S. Department of Energy announced on the 11th that it would release 172 million barrels of strategic oil reserves to address rising oil prices triggered by U.S. and Israeli air strikes on Iran.
U.S. President Donald Trump said in a media interview on the 11th that the U.S. would release strategic petroleum reserves to address the increase in oil prices caused by U.S. and Israeli air strikes on Iran.
He stated that a slight reduction of the strategic petroleum reserve now would help lower oil prices, and that he would replenish the stockpile again in the future.
In addition, the Dutch government announced on the 11th that, in response to the IEA's arrangement, it would release approximately 5.36 million barrels of strategic oil reserves, about 20% of the country's total, to help curb the rise in international oil prices.
The energy departments of Latvia, Estonia, and Lithuania issued a joint statement on the same day, declaring that the three countries were ready to tap into their oil reserves.
The United States, the Netherlands, Latvia, Estonia, and Lithuania are all IEA member countries.