US Stocks Move: IEA Member Countries Agree to Release 400 Million Barrels of Oil Reserves, Oil and Gas Stocks Rise Across the Board
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格隆汇 March 11|Oil and gas stocks generally rose, Valero Energy up 4.2%, Petrobras up nearly 4%, Marathon Oil up 3.7%, Phillips 66 up 3.2%, BP up 2%, ExxonMobil up 1.5%, Shell up 1.3%, Chevron up 1.2%. On the news front, the International Energy Agency (IEA) announced today that all 32 member countries have unanimously agreed to release 400 million barrels of oil from their emergency reserves into the market to address disruptions caused by the Middle East conflict. IEA members hold over 1.2 billion barrels in emergency reserves, with another 600 million barrels in industrial stocks held by government mandate. This coordinated release marks the sixth such action in the history of the IEA, which was established in 1974. Previous collective actions occurred in 1991, 2005, 2011, and twice in 2022. (格隆汇)
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