The statement indicates that 72% of the crude oil released will be crude oil, which amounts to about 296.5 million barrels, and the remaining 28% will consist of petroleum products, totaling approximately 115 million barrels.
The statement mentioned that IEA member countries in Asia and Oceania will make their reserves available as soon as possible, whereas those from North and South America and Europe will start arriving from the end of March.
Countries in the Americas are expected to supply the highest amount of crude oil, nearly 196 million barrels. Just over 172 million barrels will be supplied from government reserves, and an additional 23.6 million barrels will come from other sources.
Asia and Oceania will supply a total of 108.6 million barrels, with 66.8 million coming from government reserves and 41.8 million from industrial reserves, which are held by industry companies. The majority of this will be oil, amounting to about 65 million barrels, with an additional 43 million barrels consisting of petroleum products.
European countries will release a total of 107.5 million barrels of oil, with 32.7 million barrels coming from government reserves and 74.8 million barrels from industrial reserves. Unlike other countries, Europe's main contribution will be petroleum products, totaling just over 73 million barrels; another almost 34.5 million barrels will be oil.
IEA member nations have reached a decision to release around 400 million barrels of oil from their strategic storage facilities on Wednesday. When combined, their strategic crude oil reserves amount to over 1.2 billion barrels. The agency's member countries also control 600 million barrels of state-owned industrial reserves.
source: reuters.com
The statement mentioned that IEA member countries in Asia and Oceania will make their reserves available as soon as possible, whereas those from North and South America and Europe will start arriving from the end of March.
Countries in the Americas are expected to supply the highest amount of crude oil, nearly 196 million barrels. Just over 172 million barrels will be supplied from government reserves, and an additional 23.6 million barrels will come from other sources.
Asia and Oceania will supply a total of 108.6 million barrels, with 66.8 million coming from government reserves and 41.8 million from industrial reserves, which are held by industry companies. The majority of this will be oil, amounting to about 65 million barrels, with an additional 43 million barrels consisting of petroleum products.
European countries will release a total of 107.5 million barrels of oil, with 32.7 million barrels coming from government reserves and 74.8 million barrels from industrial reserves. Unlike other countries, Europe's main contribution will be petroleum products, totaling just over 73 million barrels; another almost 34.5 million barrels will be oil.
IEA member nations have reached a decision to release around 400 million barrels of oil from their strategic storage facilities on Wednesday. When combined, their strategic crude oil reserves amount to over 1.2 billion barrels. The agency's member countries also control 600 million barrels of state-owned industrial reserves.
source: reuters.com
