The US has committed to releasing 30mn bl from its SPR
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
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
