Global Oil Reserves Set to Hit Markets

The International Energy Agency has announced the release of 411.9 million barrels of oil from emergency reserves to the global market. This includes contributions from government and industry stocks across Asia Oceania, Europe, and the Americas, aiming to stabilize the oil supply.

The International Energy Agency plans to release oil from its emergency reserves to global markets soon, with a total pledge of 411.9 million barrels, according to a statement issued by the agency on Sunday.

Governments have committed to providing 271.7 million barrels from government stocks, supplemented by 116.6 million barrels from industry reserves and 23.6 million barrels from other sources.

Of the pledged amount, 72% is crude oil, while the remaining 28% consists of oil products. Immediate availability is expected from Asia Oceania, with stocks from Europe and the Americas set to follow at the end of March.

(With inputs from agencies.)