The International Energy Agency has announced a historic decision to release 400 million barrels of crude oil from national emergency reserves. This move by the 32 member states comes in response to the ongoing conflict in Iran and the resulting surge in global energy prices. Reports Tengrinews.kz.
Following an extraordinary meeting in Paris on March 11, IEA Executive Director Fatih Birol stated that the current challenges in the oil market are unprecedented. He emphasized that global disruptions require a unified global response to ensure market stability.
The decision aims to calm markets heavily impacted by the blockade of the Strait of Hormuz, a critical route for about 20 percent of the world's oil trade. Recently, oil prices surpassed the $100 mark for the first time since 2022. To further ease global market pressures, the United States has granted India temporary permission to purchase Russian oil.
IEA member nations, including the G7 countries, currently hold over 1.2 billion barrels in strategic reserves, alongside 600 million barrels of industrial stocks. Since the agency's establishment in 1974, emergency oil reserves have only been utilized five times previously, making this the largest coordinated release in its history.
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