IEA Releases 325 Million Barrels from Strategic Reserves Amid Global Energy Crisis

The International Energy Agency (IEA) has announced that member countries have released 325 million barrels of oil and oil-derivative products from strategic reserves. This release is part of a collective action pledged by the IEA's 32 member countries, which includes all G7 nations, back in March.

The original pledge was for 400 million barrels, but so far only 80% of that amount has been released. The remaining 20% is still to be extracted from these strategic reserves.

The release comes after the G7 countries agreed on Friday to release over the next four months 100 million barrels of oil and oil-derivative products. This includes a substantial diesel release within the first 20 days, as part of efforts to ease global energy supply concerns caused by fallout from the US-Iran war.

The crisis has led to restricted diesel supplies, particularly in America, due to Iran's throttling of ship traffic through the Strait of Hormuz and Ukrainian strikes on Russian refineries.