IEA Members Release Over 325 Million Barrels from Emergency Oil Reserves

The International Energy Agency (IEA) has released details on the oil from strategic reserves released so far. According to the agency, its member countries have released about 325 million barrels of oil and oil products from emergency reserves, representing more than 80% of the 400 million barrels pledged in March.

The releases are part of the largest coordinated emergency oil-stock release in the IEA's history, aimed at addressing major disruptions to global oil markets linked to the war in the Middle East and severe restrictions on flows through the Strait of Hormuz.

The G7 has agreed to release another 100 million barrels of crude and refined products over four months, with a substantial portion of diesel supply being released during the first 20 days to address immediate shortages.