IEA countries will accelerate work to release promised oil reserves

The member countries of the International Energy Agency (IEA) have confirmed that the previously agreed volume of oil reserves release is not sufficient to contain fuel prices, therefore an additional 100 million barrels will be released. This was reported on October 15 by Bloomberg following a meeting of the IEA Board of Governors.

"The participating countries agreed to complete the release of 100 million barrels of oil, the amount that remained to be realized as part of the measures taken in March aimed at reducing high fuel prices," the publication says.

The total volume of released reserves will exceed 400 million barrels. To date, about 330 million barrels have already been produced, and an additional 100 million barrels will become part of the March commitment. At the first stage, the countries want to accelerate the supply of diesel fuel to the shortage market. We are talking about 20 million barrels of diesel fuel.

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As follows from the IEA report on October 14, global diesel fuel prices may soon rise due to a reduction in exports and the high cost of shipping. It is known that global diesel fuel prices have decreased compared to the historical maximum, which exceeded $ 200 per barrel in September. So, then the price per barrel reached $220 in Europe and the United States and $200 in Singapore.

On October 9, US President Donald Trump announced that, in accordance with the agreements, Russia would immediately supply more than 300,000 tons of diesel to the American and global markets.