"Oil markets are global so the response to major disruptions needs to be global, too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together."
"The IEA said the emergency stocks would be made available to the global market, which has lost about 15m barrels of crude a day because of a block on trade via the strait of Hormuz, over a timeframe appropriate to the national circumstances of each member, bolstered by supplementary emergency measures from some countries."
"Japan's prime minister, Sanae Takaichi, said the country, which relies on the strait of Hormuz for about 70% of its oil imports, would act first to release about 80m barrels from its private and national oil reserves from 18 March to help calm global oil markets."
The International Energy Agency orchestrated its largest emergency oil reserve release in history, with all 32 member nations unanimously agreeing to release approximately 400 million barrels of crude oil. This represents one-third of the IEA's total government stockpiles and more than doubles the previous record release of 182 million barrels following Russia's 2022 invasion of Ukraine. The intervention responds to major market disruptions caused by US-Israeli military actions against Iran and a resulting blockade of the Strait of Hormuz, which has eliminated approximately 15 million barrels of daily crude trade. Individual nations committed substantial contributions, including the UK releasing 13.5 million barrels and Japan releasing 80 million barrels starting March 18. The coordinated global response demonstrates member solidarity in addressing energy security threats through synchronized emergency measures.
#emergency-oil-reserves #energy-security #oil-market-stabilization #international-coordination #strait-of-hormuz
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]