(Reuters) - The International Energy Agency’s on Monday surprised oil traders by announcing the release of strategic government petroleum stockpiles in a bid to push down prices and support the global economy.
But just how big is the 60 million barrels of oil they plan to release over the next 30 days?
BY THE NUMBERS - HOW MUCH IS 60 MILLION BARRELS OF OIL?
* $6.42 billion — the value of 60 million barrels based on the Brent crude oil benchmark.
* 30 — the number of supertankers needed to move 60 million barrels of oil by sea. One supertanker carries 2 million barrels. By contrast, Italy consumes 1.5 million barrels per day.
* 3,815 — the number of Olympic sized swimming pools you could fill with the oil.
* 50 days — the number of days of lost Libyan output it is roughly equivalent to.
* 78.8 million — the number of Hummer H2 SUV’s petroleum tanks that could be filled with the oil.
* 1.3 days — it is about 1.3 days of total oil demand in the member countries of the Organisation of Economic Co-operation and Development (OECD).
* 2/3 — it is roughly two-thirds of just one day’s global oil demand in the third quarter of this year, estimated by the IEA at more than 90 million barrels.
* 3 — it is just over three days of total U.S. oil consumption or 6.5 days of U.S. gasoline demand.
* 18 — the number of days that the entire continent of Africa’s oil demand could be met by 60 million barrels.
* 1.6 billion — it is just 3.75 percent of all emergency stocks held by the 28 member countries of the IEA, which currently total around 1.6 billion barrels
* 8.3 percent — It is the equivalent of 8.3 percent of the U.S. Strategic Petroleum Reserve, which currently stands at 726.5 million barrels.
* 60 million — the number of standard sized American bath tubs that the oil could fill, based on an average size of 42 gallons.
Sources: EIA, IEA, BP Conversion Factors
Reporting by David Sheppard; editing by Lisa Shumaker