The International Energy Agency (IEA) said its member countries will release large amounts of oil from emergency reserves to help lower global prices.
In a statement, the agency said, ‘Countries in Asia and Oceania will start releasing oil immediately, while reserves from Europe and the Americas will begin to be released at the end of this month.’ It said this coordinated move is the largest emergency oil release ever, providing a strong buffer for global supply.
The IEA announced that it will release about 400 million barrels of oil, which is more than double the 182.7 million barrels released in 2022 after the Russian invasion of Ukraine.
According to the latest IEA update, member countries have committed nearly 412 million barrels from government, industry, and other reserves. About 72 per cent will be crude oil, and the rest will be refined oil products.
US Energy Secretary Chris Wright said the conflict with Iran could end within the next few weeks, expressing hope that global oil supplies would rebound and fuel prices would ease afterwards. Wright’s comments come as Americans are seeing increasingly high gas prices as a result of the war.
