IEA agrees to complete release of 100 million barrels of oil
IEA member countries agreed to finish releasing the 100 million barrels of oil still outstanding from a March intervention aimed at easing fuel prices, Bloomberg reports.
The International Energy Agency said its member countries have agreed to complete the release of 100 million barrels of oil that remain outstanding from an intervention first announced in March, according to Bloomberg.
The move is intended to ease rising fuel prices by boosting available supply. The March stockpile release was part of a coordinated effort to address market tightness.
No further details were provided in the report.
Source: FXStreet Forex News