IEA orders largest ever release of stockpiled oil to reduce crude price
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The International Energy Agency (IEA) has ordered its 32 member countries to release 400 million barrels of oil from emergency reserves, the largest release in the agency's history. This action aims to stabilize global oil prices following disruptions caused by US-Israeli attacks on Iran, which have blocked trade through the Strait of Hormuz. The release far exceeds the 182 million barrels released after Russia's invasion of Ukraine. Several countries, including the UK, Japan, and Germany, have pledged to release portions of their oil reserves, with Japan acting first on March 18. The IEA's intervention seeks to offset the loss of approximately 15 million barrels of crude oil per day due to the trade blockage.
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