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OfficialShipping, energy & marketsBackgroundParis, France

IEA agrees record 400 million-barrel emergency oil release; U.S. to supply 172 million

Mountain Time
Local time
3:44 PM in Paris
Where
Paris, France

The International Energy Agency said its member countries would release 400 million barrels from emergency reserves, the largest release in its history, a move G7 leaders backed. Energy Secretary Chris Wright said the U.S. share would be 172 million barrels from the Strategic Petroleum Reserve, starting next week and taking about 120 days to deliver.

Why it matters

An energy expert told AP the release covers only weeks of lost Hormuz supply, and Brent jumped back above $100 a barrel within hours as attacks on shipping continued.

Sources (5)

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