Can the IEA put a lid on the price per barrel by releasing oil stockpiles?
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The International Energy Agency (IEA), comprised of 32 member countries, is preparing to release 400 million barrels of oil from its stockpiles. This marks only the fifth time in the IEA's history that it has taken such action. The move is intended to alleviate pressure on global oil prices, which have been affected by geopolitical events such as the conflict in Iran. The IEA was originally formed in response to the 1970s oil crisis to mitigate the impact of disruptions in the oil market. However, there is no certainty that this release will successfully lower prices.
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AI-ExtractedThe IEA was created in the hope of limiting future shocks from oil states.
The IEA's 32 members have drawn up plans to hit the emergency button for only the fifth time in its history.
The IEA is poised to call for the largest ever release of stockpiled oil to reduce price.
There is no guarantee the IEA’s release of 400m barrels from reserves will depress prices
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