IEA members prepare further SPR release to tame prices

摘要

On April 6,IEA Executive Director Fatih Birol announced that IEA member countries will release a combined 120MM bbl from their strategic petroleum reserves(SPRs)as part of the IEA's fifth ever coordinated drawdown.60.6MM bbl of this 120MM-bbl release will come from the US SPR as part of President Joe Biden's March-31 announcement of an overall 180MM-bbl release from the US SPR over a six-month period,bringing the total SPR release to 240MM bbl between the coordinated IEA effort and the independent US SPR release.Outside of the US,Japanese Prime Minister Fumio Kishida said on April 7 that his country will release a record 15MM bbl from its SPR,with 9MM bbl coming from national petroleum reserves and 6MM bbl from privately-held reserves.South Korea will release 7.23MM bbl of crude from its SPR,marking the largest ever release of its reserves and the third-largest among IEA members.The US SPR release over a six-month period beginning in May combined with the extra SPR crude from other IEA members will result in 1.3MM b/d in additional supply through the end of Oct.The following chart shows the scheduled SPR releases from IEA members.