325 mln barrels of oil released from strategic reserves: IEA

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.

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325 mln barrels of oil released from strategic reserves: IEA

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325 mln barrels of oil released from strategic reserves: IEA

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 by the Elysee Palace on Friday.

On March 11, the 32 members of the IEA unanimously agreed to make available to the market 400 million barrels of oil from their emergency reserves, the largest such move in the IEA's history.

The U.S. dollar strengthened in late trading on Wednesday.

The dollar index, which measures the greenback against six major peers, added 0.37 percent to 102.554 at 15:00 (1900 GMT).

In late New York trading, the euro was down to 1.1153 dollars from 1.1201 dollars in the previous session, and the British pound fell to 1.3181 dollars from 1.3257 dollars in the previous session.

The U.S. dollar bought 158.2 Japanese yen, lower than 158.3 Japanese yen of the previous session. The U.S. dollar rose to 0.8345 Swiss francs from 0.8325 Swiss francs, and it advanced to 1.4247 Canadian dollars from 1.4215 Canadian dollars. The U.S. dollar was up to 10.0321 Swedish kronor from 9.9618 Swedish kronor.