Following the agreement announced on 11 March for the IEA Member countries to make 400 million barrels of oil available to the market, initial volumes of oil from the emergency reserves have already started to be made available. The Governing Board of the IEA met yesterday to review the situation in energy markets and the implementation of the collective action.
As detailed in the table below, the overall release of emergency stocks will largely consist of crude oil, while in Europe the contributions will primarily take the form of refined oil products. This is being complemented by additional production from countries in the Americas. The detailed split between crude oil and refined products, and volumes coming from public stocks or the lowering of obligations set on industry, remain subject to change as countries refine the specific details of their country's contribution.
