International Energy Agency: Member countries will accelerate the release of emergency oil reserves by the end of February, with a total volume of about 420 million barrels.

(1) The International Energy Agency (IEA) stated on Friday that member countries will release approximately 71 million barrels of emergency oil and petroleum product reserves by the end of February 2027, at a pace about twice as fast as in September and October. (2) This release includes about 15 million barrels of diesel, which is planned to be injected into the market by the end of February, with almost all coming from government reserves in France and Germany; the release pace in January will be 4 to 5 million barrels, and it will slow down in February. (3) This is part of a record-setting reserve release plan. The plan was first announced in March after the Iran war disrupted Middle East supplies and caused oil prices to surge; Europe is expected to release a total of 33 million barrels, mainly from Germany and France; the United States Strategic Petroleum Reserve will release about 37 million barrels; at least 85% of the total planned release will come from government reserves. (4) In March this year, the IEA announced it would release up to 400 million barrels from its strategic reserves, and since then member countries have released 349 million barrels; if the current plan is implemented as scheduled, the total emergency reserves released by IEA member countries will reach about 420 million barrels, exceeding the 400 million barrels promised in March.