The IEA’s oil division chief Basoni says oil supplies from the US, Brazil, Argentina and Venezuela have exceeded expectations, but output from the Americas can only marginally offset supplies lost East of Suez
- Says about half of a roughly 400mln barrel release plan has already entered the market, with the remainder to be released later
- A further IEA-coordinated emergency oil stock release remains possible, but was not discussed today
- Says the Strait of Hormuz could take 6-8 months to reopen, at best, from today
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