The Strategic Petroleum Reserve Has Begun To Be Released

 The International Energy Agency issued a press release on the 19th stating that after its member countries unanimously decided to mobilize 400 million barrels of strategic oil reserves, the relevant reserves have begun to be released into the market.

 The communiqué states that the oil reserves released this time will mainly consist of crude oil, while in the European region, it will primarily be refined oil. At the same time, American countries will increase production to supplement market supply.

 The communiqué also stated that as countries further refine their respective shares, the specific allocation ratio of crude oil and refined oil, as well as the scale of supply from public reserves, may still be adjusted.

 Affected by the escalation of the situation in the Middle East, the price of London Brent crude oil futures rose to over $116 per barrel at the opening on the 19th, and European natural gas and oil prices also increased significantly in the early trading session that day.

 The International Energy Agency announced on the 11th that 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves in response to the global oil supply tension caused by the military strikes on Iran by the United States and Israel. This is the largest coordinated release of oil reserves by the International Energy Agency to date.