IEA Surpasses Oil Release Target Amid Ongoing Supply Disruptions

The International Energy Agency (IEA) has released over 325 million barrels of oil from emergency stocks since March, exceeding the target of 400 million barrels pledged by its member countries.

According to IEA Executive Director Fatih Birol, more than 80% of the agreed-upon amount has been made available to the market in response to supply disruptions caused by the war in the Middle East. The agency described this coordinated stock release as the largest in its history.

The release has helped fill supply gaps and reassure markets, but Birol noted that supplies of refined petroleum products remain severely constrained, particularly diesel. He attributed this to disruptions at Russian refineries.