IEA agrees to release of outstanding 100 million barrels of oil
The International Energy Agency (IEA) said that member countries agreed to complete the release of 100 million barrels of oil that are still outstanding from an intervention in March to ease rising fuel prices, Bloomberg reported on Thursday.
The agency said in a statement after a meeting of its governing board on Thursday that the countries will accelerate the distribution of the remaining volumes, including the release of 20 million barrels of diesel as soon as possible. They have so far tapped 330 million barrels out of 400 million initially pledged in March.
The US Energy Department stated that further actions “with a focus on diesel are under review and in progress.”
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is up 2.08% on the day at $96.03.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MSCI adopts index exclusion rules that could oust Strategy
No scientific evidence but viral on social media: “Bodybuilding miracle drug” peptide products deregulation file sent to the White House for review, Hims&Hers (HIMS.US) surged 6% in one day.
The temporary admission policy for peptides has been submitted to the White House for review, and compounding pharmacies are expected to receive approval to produce BPC-157 and other substances; HIMS closed up 6% on Thursday.
AiCoin丨10.16 Snapshot: PPI Exceeds Expectations, Russia Bans P2P, US Stock ETF Net Outflow
