Oil from emergency stocks to flow immediately in Asia: IEA

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

- Bloomberg

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.

While supplies for Asia will begin to flow right away, barrels for Europe and the Americas will only become available from the end of March. Crucially, there was no update on the pace at which those volumes would be released.