Oil stockpiles released to fill Russian gap
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Major oil-consuming nations have released almost 63 million barrels from emergency reserves, but with global daily consumption at 100 million, prices continue to surge
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STOCKPILES RELEASED
By IEA members (thousand barrels)

Daily global consumption
~100 million barrels

U.S. 30,000
U.S. considering plan to release 1 million bpd for up to 180 days – using 32% of current reserves. Around 3 million bpd of Russian oil locked in by sanctions

Europe 18,682
Germany 3,199 
UK 2,200 
Italy 2,044 
Spain 2,000 
France 1,833 
Poland 1,709
Turkey 1,505 
Netherlands 823 
*Other Europe
Asia Pacific 13,981 
Japan 7,500
NZ 369
Korea 4,420
Australia 1,692

Total
62.7 million Two-thirds crude oil, one-third refined

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*Other IEA Europe 3,369
Austria 387 
Belgium 253 
Estonia 37 
Finland 377 
Greece 303 
Hungary 265 
Ireland 222 
Lithuania 115 
Luxembourg 109 
Norway 400 
Sweden 551 
Switzerland 350

U.S. petroleum reserve (million barrels)
Capacity 714
Current 550
Planned release 180

Intended to weather spikes in demand
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Source: IEA (International Energy Agency)
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