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PARIS, Oct. 3 (Xinhua) -- Around 325 million barrels of oil have been released from strategic reserves, said the International Energy Agency (IEA) on Saturday. It represented over 80 percent of the 400 million barrels originally pledged from the collective action announced by the IEA in March. According to an IEA press release, IEA Executive Director Fatih Birol said Friday during a virtual meeting of Group of Seven (G7) leaders that the energy market impacts of the Strait of Hormuz crisis remained acute, especially in diesel markets. He stressed the IEA's ongoing work to support energy security. The G7, in coordination with the IEA, will release up to 100 million barrels of diesel and other oil reserves over the next four months, according to a joint G7 leaders' statement released b...

PARIS, Oct. 2 (Xinhua) -- The Group of Seven (G7), in coordination with the International Energy Agency, will release up to 100 million barrels of diesel and other oil reserves over the next four months, according to a joint G7 leaders' statement released by the Elysee Palace on Friday. G7 leaders held a virtual meeting earlier in the day to address growing energy security challenges. According to the statement, the G7 will coordinate maintenance schedules across refineries to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible. The statement also reaffirmed the G7's commitment to refrain from export restrictions on energy and energy products between G7 countries and called on all producers to refrain from imposing bans that could exacerbat...

Tag: barrels

325 mln barrels of oil released from strategic reserves: IEA-Xinhua

G7 to release 100 mln barrels of diesel in 4 months-Xinhua