The Financial Post reports in its Saturday edition that Canada, Japan and South Korea will be among the largest contributors to a co-ordinated release of emergency oil stockpiles in response to disruptions caused by the Iran war, the International Energy Agency said Thursday.
A Bloomberg dispatch to the Post reports that the releases come as part of the IEA's pledge to release up to 400 million barrels as concerns grow over what it has called the largest supply disruption on record.
The Iran war has halted shipping through the Strait of Hormuz, boosting energy prices worldwide.
The contributions will largely consist of crude oil supplies, while in Europe they will primarily be refined oil products. Production by key Persian Gulf producers has been cut as tankers wait to transit through Hormuz.
The IEA said initial oil volumes have started to be made available to the market. Supplies for Asia would begin to flow right away. Barrels for Europe and the Americas were scheduled to reach the market toward the end of March.
The United Kingdom, Turkey and Italy were among countries contributing more than 10 million barrels each. Canada agreed to a 23.6-million-barrel release and Japan will contribute 79.8 million barrels.
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