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European countries will sell 42 million barrels of oil from strategic reserves over three months. France announced this, Bloomberg reports.
IEA countries have decided to accelerate the release of oil and petroleum products from state reserves. If the entire previously promised but not yet realized volume reaches the market, additional supply could amount to up to 100 million barrels.
Brent rose above $102 per barrel amid the continued closure of the Strait of Hormuz. The head of Saudi Aramco warned that tension in the oil market will intensify until the passage is restored.
