IEA says oil from emergency stocks to flow in Asia and Oceania immediately
The International Energy Agency also said barrels for Europe and the Americas will only be available from the end of March
The International Energy Agency (IEA) said oil from a record stockpile release will be made available in Asia and Oceania immediately as buyers in the region clamour to replace barrels lost to war-related disruptions in the Middle East.
The agency released a statement after it said it received implementation plans from member states. Barrels for Europe and the Americas will only be made available from the end of March.
The IEA last week said that the oil market is seeing the biggest supply disruption in history as a result of the war in the Middle East, which has effectively blocked the vital Strait of Hormuz waterway.
Oil futures closed above US$100 a barrel on Friday and traders are bracing for a tumultuous week after the US attacked military sites near Iran’s main oil exporting facility over the weekend.
Strait of Hormuz must stay blocked, Iran’s Mojtaba Khamenei says in defiant statement
Buyers in Asia are most reliant on flows from the Middle East, so the speed of reserve releases is particularly key for the region.