The International Energy Agency agreed to release over 20 million barrels of diesel to the market and any oil remaining from a record release of emergency reserves pledged in March to boost supply
The International Energy Agency agreed to release over 20 million barrels of diesel to the market and any oil remaining from a record release of emergency reserves pledged in March to boost supply
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Following recent geopolitical tensions and fluctuating investor sentiment, oil prices have seen a downward trend. Brent crude futures suffered a slight loss, primarily due to concerns surrounding the escalating conflicts between Saudi Arabia and the Houthis in Yemen. As discussions in the US revolve around relaxing restrictions on tankers, the International Energy Agency's proactive measure to release diesel into the market is an attempt to stabilize surging prices.
