IEA member countries agreed on 1 April to make 120 million barrels (mb) available from their emergency oil stocks. This collective action, which is the largest in IEA history, comes on top of the 62.7 mb release agreed in March.
As shown in the table below, the latest announced 120 mb stock release will consist of roughly 88 mb of crude oils and 32 mb of oil products. The United States, Japan and Korea will release mostly crude oil, due to the composition of their government stocks. By contrast, most of the stocks made available in Europe will consist of oil products, primarily through the lowering of stockholding obligations set on industry.