New round of joint storage scale may reach 120 million barrels WTI crude oil prices fell below the 100 yuan mark

By    7 Apr,2022

The International Energy Agency (IEA) plans to unite member countries to release 120 million barrels of oil reserves, half of which will come from the United States and the other half from other member countries, according to a number of comprehensive media reports.


Two sources said member countries will release 120 million barrels from strategic reserves, including 60 million barrels from the United States. The U.S. commitment of 60 million is reportedly part of an earlier plan to release "1 million barrels a day for the next six months.

If true, this joint release of 120 million barrels would be a staggering figure, twice as much as last month's joint dump of 60 million barrels. After the news was announced, U.S. and BOP oil weakened significantly.

As of press time, U.S. WTI crude oil futures for May delivery were at $98.85 per barrel, down more than $5 during the day; Brent crude oil futures for June delivery were at $103.59 per barrel, down more than $4.