The International Energy Agency said Sunday more than 400 million barrels of emergency oil reserves pledged by member countries will soon be released to global markets to help ease supply pressures.
Governments have committed to make available 271.7 million barrels of oil from government stocks, 116.6 million barrels from obligated industry stocks and 23.6 million barrels from other sources, the statement said.
It added that 72% of planned releases are in the form of crude oil and 28% are oil products.
Stocks from Asia Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March.
