oil industry

IEA oil stock release following Russia invasion tops 60 million barrels

Reuters
IEA oil stock release following Russia invasion tops 60 million barrels

OIL. Pump jacks operate at sunset in Midland, Texas, February 11, 2019.

Nick Oxford/Reuters

From a total release of 61.71 million barrels, the United States will provide 30 million barrels. Here are the rest of the countries and their contributions.

LONDON, United Kingdom – Member states of the International Energy Agency have finalized their contributions to a 60-million-barrel oil release announced this week to buoy prices sent soaring by Russia’s invasion of Ukraine, the IEA said on Friday, March 4.

From a total release of 61.71 million barrels, the United States will provide 30 million barrels followed by Japan with 7.5 million, South Korea with 4.4 million, and Germany with 3.2 million.

The move aimed to compensate for supply disruptions as sanctions on parts of the Russian economy have caused many buyers to shun Russian oil.

Jittery markets were unconvinced by the news and instead jumped following the announcement on Tuesday, March 1, and peaked Thursday, March 3, near $120 a barrel.

“In the last few days since the decision, each IEA member country has been considering how much it could contribute to the announced response plan, given its domestic circumstances,” the Paris-based agency said in a statement.

“The commitments submitted by members actually surpassed 60 million barrels, demonstrating great solidarity.”

The IEA represents 31 mostly industrialized nations but not Russia and has said it is open to further releases of oil from storage as needed.

Here is the breakdown per country, with the volume in barrels:

  • Australia – 1.692 million
  • Austria – 387,000
  • Belgium – 258,000
  • Estonia – 36,000
  • Finland – 377,000
  • France – 1.5 million
  • Germany – 3.215 million
  • Greece – 303,000
  • Hungary – 266,000
  • Ireland – 222,000
  • Italy – 2.041 million
  • Japan – 7.5 million
  • Korea – 4.42 million
  • Lithuania – 115,000
  • Luxembourg – 109,000
  • Netherlands – 823,000
  • New Zealand – 384,000
  • Norway – 409,000
  • Poland – 1.052 million
  • Spain – 2 million
  • Sweden – 551,000
  • Switzerland – 350,000
  • Turkey – 1.5 million
  • United States – 30 million

– Rappler.com