Over 80% of Emergency Oil Release Already Delivered, Says IEA

More than 80% of an emergency oil release has already been delivered, according to the head of the International Energy Agency, who said around 325 million barrels of the 400 million barrels pledged in March have now been released.

The figures indicate that the coordinated release, originally announced in March, is well advanced toward completion, with the remaining roughly 75 million barrels still outstanding from the original pledge.

Emergency oil releases of this kind are typically coordinated among IEA member countries to help stabilize global oil markets during periods of supply disruption or heightened price volatility, drawing on strategic reserves held by participating nations.

The IEA chief's update did not include a specific timeline for when the remaining portion of the pledged release would be completed, nor further detail on which member countries have contributed the barrels released so far.