IEA Countries Release Over 325 Million Barrels of Oil to Ease Global Supply Concerns

The International Energy Agency (IEA) has announced that its member countries have released around 325 million barrels of oil and oil-derivative products from strategic reserves, meeting over 80% of a 400 million barrel pledge made in March.

This update comes after G7 leaders agreed to immediately release an additional 100 million barrels of diesel and crude oil, following pressure from the US to tap into reserves and ease supply concerns caused by the ongoing war between the US and Iran.

The war has restricted shipping through the Strait of Hormuz, squeezing diesel supplies. Ukraine's strikes on Russian refineries have also hit market supplies.