• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 9 hours The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming

WTI Crude Falls 5% As IEA Agrees To 120 Million Barrel SPR Release

The members of the International Energy Agency (IEA) have agreed to release 120 million barrels of crude oil, according to Bloomberg.

But 60 million barrels of that 120 million has already been accounted for as part of the 180 million barrel SPR release that the Department of Energy made last week.

Between the IEA and the United States, 240 million barrels of crude oil is set to be released from the world’s strategic energy stores.

In the United States, the first 90 million barrels of the 180 million set to be released from the Strategic Petroleum Reserve will be released between May and July, the DoE said on Monday, through two notices of sale totaling 70 million barrels, plus 20 million barrels set to be released in May. The second half of the 180 million barrels is set to be released between August and October of this year.

The IEA had agreed on March 1 to release 62 million barrels of crude from their collective stockpiles. Before this year, the IEA last released reserves in 2011.

Oil prices sank on the announcement of the release in conjunction with notices from the U.S. Federal Reserve that it would raise rates by less than it had originally planned.

At 3:26 p.m. ET, WTI crude had sunk below $100, trading down 4.83% on the day at $97.09. Brent crude was trading at $101.90 per barrel, down $4.74 (-4.44%) on the day.

The downward pressure on crude oil prices is expected to be temporary, absent any production hikes or demand curbs.

The IEA currently holds a collective 1.5 billion barrels in strategic reserves.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Chad Morgan on April 06 2022 said:
    Thats all nice, but at some point all that oil will need to be replaced. Those will be interesting times when Demand is high plus replacement oil is needed.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News