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Real-time News
On March 15th, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill supply gaps disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. Last week, the IEA stated that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the currently committed oil release is crude oil, and 28% is petroleum products. The committed release volumes from various countries are shown in the figure below.On March 15, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Le Hoai Trung, member of the Political Bureau of the Communist Party of Vietnam Central Committee and Foreign Minister, in Hanoi. Wang Yi stated that both China and Vietnam are important emerging economies, and their development and revitalization represent the direction of human progress and will provide valuable lessons and new paths for developing countries. China is willing to work with Vietnam to focus on the overall goal of "six more" (more people, more opportunities, more opportunities, more opportunities), strengthen high-level exchanges, deepen pragmatic cooperation, promote people-to-people exchanges, enhance multilateral cooperation, properly handle maritime issues, and support each other in hosting APEC in the next two years to further advance the building of the Asia-Pacific Community.The International Energy Agency (IEA) states that of the planned oil releases, 72% will be crude oil and 28% will be petroleum products.International Energy Agency (IEA): Member countries in the Americas will provide 172.2 million barrels of oil.International Energy Agency (IEA): Governments have pledged to release 271.7 million barrels of crude oil from strategic petroleum reserves and 116.6 million barrels from mandatory industry reserves.
