IEA coordinates crude stock release

The intergovernmental body is trying to cool the crude market

IEA members have agreed the “initial release” of 60mn bl of their crude stockpiles, following an emergency meeting “to address significant market and supply disruptions” related to the war in Ukraine. The US has committed to contribute 30mn bl from its Strategic Petroleum Reserves (SPR), and its Department of Energy plans to issues a notice of sale on 2 March. The 60mn bl release is equivalent to around 4pc of member states’ emergency stocks, which stand at 1.5bn bl, the IEA says. This release is only the fourth such coordinated withdrawal in the IEA’s history and the first for more than ten years. The organisation will continue monitoring the situation and says it is “possible” it will reco