IEA states agree on coordinated oil release but not volumes - Japan
Member countries of the International Energy Agency did not agree on volumes or the commitments of each country at their emergency meeting, said Hidechika Koizumi, director of International affairs division at Japan's Ministry of Economy, Trade and Industry
US-allied countries on Friday agreed to their second coordinated oil release in a month to calm markets roiled by Russia's invasion of Ukraine, Japan's industry ministry said, a day after Washington pledged its biggest oil release ever.
However, member countries of the International Energy Agency did not agree on volumes or the commitments of each country at their emergency meeting, said Hidechika Koizumi, director of International affairs division at Japan's Ministry of Economy, Trade and Industry.
The silence on the size of the agreed release left crude prices largely unmoved, with benchmark Brent trading around $105 a barrel, underscoring supply concerns as releases from finite supplies struggle to make up for a loss of 3 million barrels per day (bpd) of Russian oil estimated by the IEA.
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"In light of the current situation ... the participants in the IEA meeting agreed on the additional release itself, but they could not agree on the total volume and the allocation of each country," Koizumi told reporters.
"The details will be discussed between the IEA secretariat and the member countries," he said, adding that details could be agreed "within the next week or so".
The 31-member IEA representing industrialised nations but not Russia last presided over the largest coordinated oil release in its history on March 1 of nearly 62 million barrels, about half of which was contributed by the United States.
European countries, heavily dependent on Russian oil and gas supplies as inflation hits multi-decade highs, committed to providing around a quarter of that release.
To fill a shortfall caused by sanctions and buyer aversion to Russian oil, President Joe Biden on Thursday authorised a release from the US Strategic Petroleum Reserve of 1 million barrels per day of crude for six months starting in May, the equivalent of a total of 180 million barrels.
Soaring gasoline prices and inflation have drawn strong domestic political criticism of the White House ahead of mid-term elections in November.
Biden said US allies and partners could release an additional 30 million to 50 million barrels.
A Reuters analysis of IEA data showed government-controlled oil stocks among members states was at its lowest since 2005 even before the 1 March release, while US SPR levels have dropped to their lowest since 2002, government data showed.
