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Member countries of the International Energy Agency plan to draw about 71 million barrels of oil and petroleum products from reserves by the end of February 2027, including nearly 15 million barrels of diesel. Europe’s share, estimated at 33 million barrels, will come mostly from Germany and France, compared with about 37 million barrels from US reserves. Government stocks account for at least 85% of the total. The drawdown is part of an operation announced after supplies fell because of the war in Iran and disruption to shipping through the Strait of Hormuz. The agency is seeking to complete the release of more than 400 million barrels.
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