The IEA holds an emergency meeting on the release of strategic oil reserves on April 1

Spokespersons for the energy ministers of Australia and New Zealand on March 31 confirmed that the International Energy Agency (IEA) will hold an emergency ministerial conference on April 1 (at 19:00 Vietnam time) to discuss the oil market situation as well as make a decision on jointly releasing oil from the reserves. strategic storage.

The IEA’s emergency meeting is expected to “discuss the impact of this collective action and assess the current oil market situation,” said a spokesman for Australia’s Energy Minister.

Meanwhile, New Zealand said that the IEA’s emergency conference is expected to determine the total amount of crude oil to be released to the market as well as the allocation rate of each country.

The administration of President Joe Biden is considering releasing 1 million barrels of oil per day over several months from the Strategic Petroleum Reserve to help lower gasoline prices, two senior US officials said.

The move comes after the IEA countries earlier in March agreed to release 60 million barrels of oil to ease market tensions related to the conflict in Ukraine. In particular, Australia has committed to release just under 1.7 million barrels of oil, under which the country will no longer have crude oil in its emergency reserves.

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