PARIS, March 19 (Xinhua) -- Initial volumes of oil from emergency reserves have already been available to the market, the International Energy Agency (IEA) said on Thursday, following an agreement by its member countries to release oil from stockpiles.
The overall release of emergency stocks will largely consist of crude oil, while in Europe contributions will primarily take the form of refined oil products, the IEA said, adding that this will be complemented by additional production from countries in the Americas.
The detailed split between crude oil and refined products, as well as volumes coming from public stocks or the lowering of obligations set on industry, remain subject to change as countries refine the specific details of their contributions, according to the agency.
The United States and Israel launched massive attacks on Iran on Feb. 28, disrupting global shipping, sending oil prices soaring and shaking the global economy. On Thursday, Brent crude, the international benchmark, rose to above 116 U.S. dollars per barrel in early trading.
The IEA's 32 member countries unanimously agreed on March 11 to release an unprecedented 400 million barrels of oil from their emergency reserves to the market in response to disruptions caused by the Middle East conflict.
