US EditionIEA announces record 400-million-barrel release of oil to address Iran war supply disruption
The IEA's unprecedented release aims to ease supply shortages caused by Iran's closure of the Strait of Hormuz, with 32 member countries contributing to stabilize global oil markets.
- 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.
424 Articles
424 Articles
In response to the Iran war, the International Energy Agency (IEA) wants to create a record amount of strategic oil reserves, according to the Australian newspaper "Sydney Morning Herald" on Thursday:
European countries to release oil reserves as Mideast conflict rattles energy markets
A group of European countries have announced plans to release emergency oil stocks after the International Energy Agency (IEA) recommended a record drawdown from reserves to help calm surging energy prices amid escalating tensions in the Middle East.IEA Executive Director Fatih Birol said on Wednesday that the agency's 32 member countries had unanimously agreed to make 400 million barrels of oil available to the market from their emergency reser…
As tensions in the Middle East continue to fuel uncertainty on the markets, the International Energy Agency (IEA) and the G7 move with a coordinated maneuver...
'Unprecedented' agreement releases emergency oil reserves as gas prices spark concerns
Developed nations are tapping emergency stockpiles in a coordinated drawdown of emergency petroleum reserves, seeking to blunt an oil-price surge tied to the U.S. strikes on Iran.
The 32 countries of the International Energy Agency approve the placing on the market of 400 million barrels to counter the rise in prices. Trump: we will give a little too
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