Energy Agency speeds up 100M barrel release

The International Energy Agency has approved accelerated releases of oil reserves, aiming to put about 100 million barrels into the market to support diesel fuel supplies that have been affected by the Iran and Ukraine wars. This move is part of a plan launched in March to counter rising fuel prices and supply disruptions, with the agency emphasizing the priority of releasing diesel due to market shortages. These measures follow the G7 countries’ agreement to withdraw 100 million barrels of crude oil and diesel to bolster supplies amid declining inventories and rising prices.

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