Portugal is off the list of countries to release oil stocks
Members of the International Energy Agency (IEA) will release 120 million barrels from their reserves over the next six months to ease prices. Portugal is off the list.
The International Energy Agency (IEA) reports that 19 member countries will release 120 million barrels from their reserves over the next six months, in a new effort to ease pressure on oil prices. Portugal is outside this list, which is led by the US, according to the agency.
The North Americans will be responsible for half of this effort, contributing 60 million barrels. They are followed by Japan (15 million barrels), South Korea (7.2 million barrels) and France and Germany (both with around 6 million barrels).
It is the largest release of oil stocks in the IEA’s history, which signals the “strong union” among members to respond to the constraints in the oil market that have resulted from Russia’s war with Ukraine.
In reaction to this announcement, oil prices have eased, but analysts consider that it will be insufficient to bring prices down in the near future.
