U.S. Seeks at Least 100 Million More Barrels in IEA Reserves
Washington is privately pressing IEA allies for a larger emergency oil commitment, while officials have yet to receive a formal U.S. proposal.
Key takeaways
- The U.S. is privately seeking at least 100 million barrels in additional commitments.
- The G7 agreed this month to make up to 100 million barrels available.
The United States is privately urging International Energy Agency allies to commit at least 100 million additional barrels from emergency reserves, Bloomberg HT reported, citing Bloomberg and unnamed sources. U.S. officials had not submitted a formal proposal at a Thursday meeting in Paris.
The push comes after the IEA organized the release of 400 million barrels of oil and fuel in March. Some governments kept their stocks, saying the reserves were not needed.
G7 members agreed earlier this month to make up to 100 million barrels available. EU officials said that amount represented only the part of the March agreement not yet released. Washington is seeking more as conflicts in the Middle East and Russia squeeze fuel supplies and prices at the pump reach record levels, according to the report.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
