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Member countries of the International Energy Agency agree to release 400 million barrels of oil
The 32 member countries of the International Energy Agency (IEA) today unanimously agreed to release 400 million barrels of oil from their emergency reserves to address disruptions in the oil market caused by the Middle East war. IEA members hold over 1.2 billion barrels of emergency stockpiles, with an additional 600 million barrels of industrial reserves held by governments. Coordinated release of stocks is the sixth in IEA history, which was established in 1974. Previous collective actions occurred in 1991, 2005, 2011, and twice in 2022.
(Source: Cailian Press)