Follow Al Rai
The International Energy Agency said on Wednesday that member states have supported accelerating the withdrawal of nearly 100 million barrels from oil reserves previously pledged to be pumped into the markets in March, with a focus on diesel inventories.
It added that the Agency's Governing Board will hold a meeting next week to review the situation.
It pointed out that the Agency's members still hold a reserve equivalent to nearly 1.1 billion barrels, including more than 200 million barrels of diesel.
Member states of the International Energy Agency had announced that they are ready to release more of their oil reserves if necessary, pointing out that the priority will be given to diesel, which suffers from a severe supply shortage, according to the Agency's Executive Director.
Fatih Birol said in a statement that member states still retain abundant reserves of crude oil and refined products, and are "ready to pump more of these inventories into the market if necessary."
Know more about this story?Send us a tip
Ask about this report — answers stay grounded in its text.
