The release is the largest of its kind in IEA history and followed a unanimous agreement between the countries to try to ease the significant strains in oil markets resulting from Russia’s actions.
Around half of the release comes from the US alone, which has made just over 60,000 barrels available as part of the larger release from its strategic petroleum reserve that President Joe Biden announced last week.
Japan also made a sizeable 15,000-barrel contribution, with France, Germany, Italy, Korea, the UK and Spain all releasing between 4000 and 7000 barrels each.
The commitments submitted by members reached 120 million barrels in total to be released over a six month period.
“The unprecedented decision to launch two emergency oil stock releases just a month apart, and on a scale larger than anything before in the IEA’s history, reflects the determination of member countries to protect the global economy from the social and economic impacts of an oil...