International Energy Agency: Drawdowns from reserves provide relief to markets

The International Energy Agency (IEA) announced that it is closely monitoring the situation in oil markets, adding that the continuous drawdown of emergency reserves by member countries is providing significant relief to the markets.

It noted that IEA member countries have drawn down approximately 290 million barrels of oil since March 11, explaining that member countries still hold substantial emergency reserves, including more than one billion barrels of government-controlled stocks.