Global energy group agrees to record oil reserve release to calm prices
Newsy
The International Energy Agency agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.
The International Energy Agency agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.
The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves. It’s a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia’s invasion of Ukraine.
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.
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