IEA members approve record 400 million barrel emergency oil release

IEA member governments approved a record emergency stock release of 400 million barrels after an extraordinary meeting. The IEA said crude and product exports through the Strait of Hormuz had fallen below 10% of pre-conflict levels. Pipeline & Gas Journal reported that members hold over 1.2 billion barrels of government stocks plus 600 million barrels of industry stocks.

• 400 million barrel coordinated release
• Hormuz crude and product exports below 10% of pre-conflict levels
• Over 1.2 billion barrels of government emergency stocks held by members