The International Energy Agency (IEA) says its member countries will release 400 million barrels of oil from strategic reserves to cushion the impact of supply disruptions caused by the ongoing conflict in the Middle East.
IEA Executive Director, Fatih Birol, announced the decision, describing it as the largest coordinated emergency oil release in the organisation’s history.
He explained that the move is aimed at stabilising global oil markets and reducing the immediate effects of supply interruptions linked to tensions around the Strait of Hormuz, a major global energy transit route.
The coordinated action follows rising volatility in crude oil prices after military exchanges involving the United States, Israel and Iran disrupted oil flows in the Gulf region.
The IEA noted that member countries will release the reserves based on their national circumstances, with some governments also considering additional emergency measures.
The agency said the step is intended as a temporary intervention while diplomatic and security efforts continue to restore normal energy transit through the Strait of Hormuz, which carries about 20 percent of global oil and gas supplies.
