The International Energy Agency (IEA) has approved an agreement to accelerate the withdrawal from strategic oil reserves in response to the global energy crisis and unprecedented fuel price increases. This decision comes in light of military conflicts in the Middle East and Europe, which have had significant impacts on the supply and price of oil and diesel in global markets.
Agreement to Withdraw 400 Million Barrels of Oil
In March of this year, members of the International Energy Agency agreed to withdraw 400 million barrels of oil from strategic reserves. This action aims to compensate for supply shortages and rising prices following military conflicts between the United States and the Israeli regime against Iran, as well as the war between Russia and Ukraine. However, not all of this amount has yet been supplied to the market.
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The head of the International Energy Agency, Fatih Birol, emphasized that the member governments of this agency have expressed their support for accelerating the process of releasing strategic oil reserves. He also stated that, given the current conditions, priority will also be given to the withdrawal from diesel reserves.
Diesel and Crude Oil Market Situation
Diesel has become one of the key fuels in the global market, and its price increase to unprecedented levels has become a significant political and economic concern. The International Energy Agency has pointed out that about 100 million barrels of the agreed amount from March have not yet entered the market, and this agency will soon publish more details about the withdrawal of diesel and crude oil.
Analysts at JPMorgan have also noted that the figure of 100 million barrels does not indicate new withdrawals but rather refers to the goal of accelerating previous agreements. According to the agency's statement, the volume of strategic reserves in the member countries of this agency is about 1.1 billion barrels, which includes more than 200 million barrels of diesel.
Meanwhile, a spokesperson for the European Commission announced the agreement of EU member countries on the planned release of oil within the framework of the approved amount from March. These agreements have gained special importance, especially under the current circumstances where the energy market is under severe pressure, and they could benefit the stability of global markets.
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