US EditionIEA announces record 400-million-barrel release of oil to address Iran war supply disruption
IEA's 32 member countries will release 400 million barrels from emergency reserves to offset disruptions caused by Iran's closure of the Strait of Hormuz, representing about one-third of their stockpile.
- On Wednesday, the International Energy Agency and its member nations agreed to release a record 400 million barrels from strategic reserves to stabilise markets.
- Tanker traffic through the Strait of Hormuz, which handles roughly 20% of global oil and LNG trade, has slowed sharply amid escalating military activity since Feb. 28, while G7 finance ministers delayed a decision on releasing strategic stocks.
- IEA members together hold roughly 1.8 billion barrels of emergency stocks, and precise national allocations for the 400 million-barrel release remain unannounced, involving the 32 member states including the United States, Japan, South Korea and Canada.
- The release aims to offset crude losses, with oil prices swinging from roughly $70 to nearly $120 before retreating on Wednesday, while China and India monitor the move.
- IEA rules require members to hold at least 90 days of net oil imports, and global stocks last year topped 8.2 billion barrels, while China’s around 1.2 billion barrels of reserves and India’s 30-day waiver highlight varied national buffers.
265 Articles
265 Articles
PARIS (AP) — A group representing many of the world's richest nations agreed Wednesday to release the largest volume of emergency oil reserves in history, in an attempt to counter the effects of…
Biggest IEA oil release since 1974 attempts to stabilize fuel prices
Since the U.S.-Iran conflict began, oil prices have risen sharply, and it remains unclear when that trend could change. On Wednesday, March 11, the International Energy Agency’s 32 members unanimously agreed to release 400 million barrels of oil from emergency resources – the agency’s largest oil stock release ever. Additionally, this was only the sixth stock release since the agency’s formation in 1974. Fuel reports released on March 11 showed …
International group pledges to release 400 million barrels of emergency oil reserves amid Iran war
PARIS (AP) — A group representing many of the world's wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets…
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