IEA member countries (including the U.S.) have 124 days’ worth of stockpiles to help offset supply risks. A protest by at least one of the 32 IEA member countries could delay implementation of the plan.
The proposal was put forward at an extraordinary meeting of IEA member countries on Tuesday. A decision is expected to be made on Wednesday. It will be approved if supported by all 32 IEA countries, the sources said.
IEA member countries have more than 1.2 billion barrels of strategic oil reserves, as well as 600 million barrels of state-owned industrial reserves.
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