Türkiye to release 11.6 mln barrels of crude in IEA's record stockpile release
By huaxia
Xinhua
1773320787000

ISTANBUL, March 12 (Xinhua) -- Türkiye will release 11.6 million barrels of crude oil from its strategic reserves as part of the International Energy Agency (IEA)'s largest-ever coordinated stockpile release, the country's energy minister said on Thursday.

Energy and Natural Resources Minister Alparslan Bayraktar said a national oil stock committee had convened and approved the release, which will be carried out gradually over 90 days.

"We decided to release 11.6 million barrels from our strategic reserves in support of the IEA's coordinated release of 400 million barrels," Bayraktar told reporters during a visit to a coal mine in the Black Sea province of Zonguldak.

The IEA, which has 32 member countries and 13 association countries representing about 75 percent of global energy demand, on Wednesday recommended that members release a combined 400 million barrels from national stockpiles -- the largest coordinated action in the agency's history, Executive Director Fatih Birol said.

The move comes as conflict in the Middle East has severely curtailed oil flows through the Strait of Hormuz, with crude and refined product exports falling to less than 10 percent of pre-conflict levels, according to the IEA.

Bayraktar also said Türkiye was facing no disruptions to natural gas supplies, including imports from Iran, as seasonal demand eased with warmer temperatures.

"Citizens are not experiencing any shortages," he said.