IEA proposes release of 400m barrels of oil from strategic reserves

"The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size. 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 International Energy Agency coordinated an unprecedented emergency release of 400 million barrels of oil from member countries' strategic reserves to address escalating global energy prices. This action was triggered by the U.S.-Israeli conflict with Iran and represents the largest coordinated oil release in IEA history, surpassing the 182 million barrels released in 2022 following Russia's invasion of Ukraine. IEA executive director Fatih Birol emphasized that the oil market disruptions are unprecedented in scale, requiring an equally unprecedented global response. The release demonstrates IEA members' commitment to energy security and collective action in addressing major market disruptions.

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