IEA approved the largest oil reserve release in history
Kyiv • UNN
32 IEA countries have agreed to a record oil release due to Iran's blockade of the Strait of Hormuz. This is twice the volume released after Russia's invasion of Ukraine.
The International Energy Agency (IEA) has proposed the largest release of strategic oil reserves in its history, writes UNN with reference to Sky News.
Details
The agency said that its 32 member countries today unanimously agreed to release 400 million barrels from their emergency reserves to the market.
The release should take place within a timeframe consistent with the circumstances of each member country, the IEA added.
The previous largest cumulative release of emergency stocks by IEA member countries was 182.7 million barrels after the energy shock caused by Russia's full-scale invasion of Ukraine in 2022.
Addition
Oil prices have surged due to the war with Iran, amid Tehran effectively imposing a blockade on oil movement in the Strait of Hormuz, through which a fifth of the world's oil exports pass.
At the same time, oil production has been significantly reduced in many key oil-producing countries in the Persian Gulf, including the UAE, Kuwait, and Qatar.
Some facilities have been affected by Iranian missile and drone strikes.