IEA Members Release 325M Barrels Amid Global Energy Crisis

The International Energy Agency (IEA) has announced that its member countries have released 325 million barrels of oil and oil-derivative products from strategic reserves to ease global energy supply concerns.

This release is part of a larger effort to address the fallout from the US-Iran war, which has caused a spike in prices for diesel fuel and other petroleum products.

The G7 countries agreed on Friday to immediately release 100 million barrels of oil and oil-derivative products, including a substantial frontloaded diesel release within the first 20 days.

This move comes after US President Donald Trump pressured allies to release diesel reserves to ease price spikes in America and elsewhere.