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Allocation of Emergency Oil Reserves (Top Entities)
Breakdown of the volume of oil released to major energy companies in millions of barrels.
Primary Sources
IEA to release 400 million barrels of emergency oil reserves
PARIS — A group representing many of the world's wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz. What You Need To Know The International Energy Agency has agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East The Paris-based organization said Wednesday that it will make 400 million barrels of oil available from its members' emergency reserves It's a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia's full-scale invasion of Ukraine During a videoconference of the Group of Seven leaders Wednesday, French President Emmanuel Macron praised the emergency release, saying it amounts to the equivalent of 20 days of the volume normally exported through the Strait of Hormuz The International Energy Agency said it will make 400 million barrels of oil available from its members' emergency reserves, which is more than double the 182.7 million barrels that the IEA's 32 member countries released in 2022 in response to Russia's full-scale invasion of Ukraine. "This is a major action aiming to alleviate the immediate impacts of the disruption in markets," said Fatih Birol, executive director of the Paris-based IEA. "But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz." Iran has attacked commercial ships across the Persian Gulf in response to U.S. and Israeli strikes, escalating a campaign of squeezing the oil-rich region as global energy concerns mount and effectively stopping cargo traffic in the narrow Strait of Hormuz, through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean. Iran has also targeted oil fields and refineries in Gulf Arab nations, aiming to generate enough global economic pain to pressure the U.S. and Israel to end their strikes. According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels. Birol noted that the situation in natural gas markets is also very challenging, with Asia the most severely affected region. "There are few options to replace the missing LNG cargoes from Qatar and the Emirates," he s...
US moves to release more oil stockpiles under IEA agreement
US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA).The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme.Recommended Stories list of 4 itemslist 1 of 4Trump says he will suspend petrol tax amid soaring US fuel priceslist 2 of 4Haiti’s PM casts doubt on presidential vote by August as gang clashes growlist 3 of 4Roads blocked in Bolivia as protesters demand president’s resignationlist 4 of 4Syria restores credit card payments in effort to rejoin the global economyend of listTrafigura Trading LLC, a Texas-based commodities trading company, was granted the biggest haul of nearly 13 million barrels, with Marathon Petroleum Corporation and ExxonMobil set to receive 12.4 million barrels and 11.4 million barrels, respectively.Macquarie Commodities Trading US, Atlantic Trading & Marketing, BP Products North America, Energy Transfer Crude Marketing, Mercuria Energy America and Phillips 66 will receive between 1.05 million and 6.55 million barrels each, according to the Energy Department.Under the department’s exchange scheme, participating firms are required to replenish the stockpile with new barrels at a later date.“These actions continue to move oil swiftly into the market, address near-term supply needs, and ensure that the Strategic Petroleum Reserve remains strong through the return of premium barrels,” Kyle Haustveit, the head of the department’s Hydrocarbons and Geothermal Energy Office, said in a statement.The transfer comes after US President Donald Trump’s administration agreed in March to release 172 million barrels of crude as part of the IEA’s coordination of the largest unloading of global stockpiles in history.Oil prices have surged since the US and Israel launched their war on Iran in late February, with Tehran’s retaliatory blockade of the Strait of Hormuz paralysing one of the world’s most important trade routes.Maritime traffic in the strait has ground to a halt amid Iranian threats against commercial shipping, disrupting about one-fifth of the global oil trade.Oil prices continued to edge higher on Monday after Trump dismissed Iran’s latest peace proposal and warned that the ceasefire between the sides was “on life sup...
Iran war will change global energy market in these ways, oil ... - CNBC
The world's energy system will change in big ways as a result of the Iran war, the CEOs of key oil and gas companies told investors on their earnings calls over the past two weeks.
Global oil stockpiles deplete at record pace due to Iran war ...
The world has burned through oil inventories at a record speed as the Iran war throttles flows from the Persian Gulf, eating into the very buffer that protects against supply shocks. The rapidly shrinking stockpiles mean that the risk of even more extreme price spikes and shortages is getting ever ...
