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Oil prices ease as IEA says stock release will exceed target

By ChordNews · First written

IEA oil supply pledge to exceed target as it boosts release of remaining stocks
Image: thenationalnews.com
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Summary

Oil prices eased on Friday but remained on course for a weekly gain amid Middle East supply concerns, The National reported. The day before, the International Energy Agency said its release of emergency oil stocks would exceed its March target: members had released 330 million barrels, with the remaining 100 million to be released in a timely manner. The agency also said Middle East exports had recovered to pre-crisis levels and global oil storage was not tight, according to The National.

Timeline

  1. The National

    Source ↗

    The National reports that the IEA expects its emergency stock release to exceed its 400-million-barrel March pledge, with 330 million barrels released and the remaining 100 million to follow in a timely manner.

  2. The National

    Source ↗

    The National reports that oil prices eased on Friday but were still headed for a weekly gain, and says the IEA noted that Middle East exports had recovered to pre-crisis levels and global storage was not tight.

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