IEA releases equivalen of 20 days of oil supplied via Sraits of Hormuz - equivalent to FOUR DAYS of global consumption

World leaders release 400 million barrels out of total global ‘reserves of 1.2 billion barrels and a further 600 million barrels of industry stocks held under ‘government obligation’.

From here;

IEA to release record 400 million barrels of oil to address Iran war

“I can now announce that IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency’s history,” Birol said. IEA members currently hold more than 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.’

The IEA chief said the release is designed to address the immediate impacts of the supply disruption. But tanker traffic must resume through the Strait of Hormuz to bring stable oil and gas flows back to the global market, Birol said.

“Energy analysts warned ahead of the release that even the IEA’s maximum drawdown capability would likely not be able to offset the nearly 20 million barrels per day that typically transits through the strait. “

So enough for 20 days for the supply of oil that passes through the Straits of Hormuz towards the world’s major economies.

OR;

Global oil consumption reached 101.8 million barrels per day in 2024, marking an all-time high and a 0.7% increase from the 2023 level of approximately 100.2 million barrels per day.

Four days of global consumption400 million barrels of the new supply divided by 100 million barrels consumed a day.

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