IEA Says Asia to Release Emergency Oil Stocks Immediately

The International Energy Agency said oil from an unprecedented stockpile release will be made available immediately in Asia, where buyers are clamoring to replace barrels lost to war-related disruptions in the Middle East.

The speed with which supplies hit the market is one of the key variables traders are watching to gauge how effective the effort will be in taming oil price increases. The agency’s statement on Sunday came after it received implementation plans for a record 400-million-barrel reserve release announced last week.