IEA ANNOUNCES FASTER RELEASE OF OIL FROM RESERVES

PARIS, OCTOBER 15 //RNA) – The International Energy Agency /IEA/ has announced that it will accelerate the release of oil from reserves onto the global market in response to rising fuel prices, following a call by the Group of Seven /G7/.

Diesel deliveries will be given priority, the Paris-based agency said following a meeting of its governing board.

The move aims to speed up the process and ensure the swiftest possible implementation of the agreement reached in March, the DPA news agency reported.

At the time, the IEA approved the release of a record 400 million barrels of oil from emergency reserves. Around 330 million barrels have been delivered so far, and some member sates have released more oil than they initially pledged, the agency said.

The accelerated release of the remaining reserves pledged in March is expected to bring around 100 million barrels onto the market, including 20 million barrels of diesel.

This volume matches the request submitted by G7 members earlier this month.