Europe will release mostly oil industry refined products stocks while the US will tap government crude reserves as part of the International Energy Agency’s co-ordinated action to prevent high energy prices from stunting economic recovery.
The West’s energy watchdog said today Japan and South Korea will release oil in Asia -the former with around 4 million barrels of industry crude stocks and another 4 million of refined products and the latter with around 3.46 million of public crude stocks, according to a Reuters report.
The IEA said the US will as expected release only crude oil from public stocks in the amount of 30 million barrels.
In Europe, the IEA said it will release 19.2 million barrels of stocks of which 4.2 million will be crude and 15 million refined products.
Europe’s products release will include 3.4 million barrels of gasoline, 7.65 million of diesel, 1.2 million of fuel oil and 0.42 million of jet.
Germany and the Netherlands will be the only country to substantially tap public reserves.
Crude will be mainly released in Germany and the Netherlands, while the most active release of products will take place in France, Italy, UK, Germany, Spain and Turkey.
France will release over 2 million of diesel, followed by Spain with 1.8 million and Germany with 1 million.
Italy will release around 1 million of fuel oil and more than a million of gasoline. Germany will also release around 1 million barrels of gasoline.
