Summary
- Member countries of the International Energy Agency (IEA) said they will release a record volume of strategic petroleum reserves onto the market in response to the sharp rise in crude prices.
- WSJ reported that the release is expected to exceed the 2022 record high of 182.7 million barrels.
- On reports that the IEA is discussing releasing 300 million to 400 million barrels out of about 1.2 billion barrels in total reserves, WTI futures prices fell to around $81 per barrel.
Forecast Trend Report by Period
300 million to 400 million barrels likely
To curb the recent surge in crude prices, member countries of the International Energy Agency (IEA) are set to release a record amount of stockpiled oil onto the market.
According to foreign media outlets including The Wall Street Journal (WSJ), officials from the IEA’s 32 member countries held an emergency meeting in Paris, France, on the 11th to discuss the scale of the release. WSJ said the volume is expected to exceed the previous record of 182.7 million barrels in 2022.
Earlier, the Financial Times (FT), citing multiple sources, reported that the IEA is discussing releasing 300 million to 400 million barrels—25 to 30% of its total reserves (about 1.2 billion barrels). The move comes after the Strait of Hormuz was effectively closed following U.S. and Israeli attacks on Iran, sending oil prices sharply higher.
WTI futures, which jumped to $119.48 per barrel on the 9th, fell to around $81 per barrel on the 10th (local time) on news of the planned release.
Reporter Kim Joo-wan kjwan@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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