The International Energy Agency will release 400 million barrels of oil to lessen Iran war supply shocks
Newsy
"IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency's history," said IEA executive director Dr. Faith Birol.
The International Energy Agency is now tapping its members' oil reserves in an effort to counter the disruption in energy markets due to the war in the Middle East.
"IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency's history," said IEA executive director Dr. Fatih Birol.
The group, which represents 32 member countries and includes the U.S., will make 400 million barrels of oil available. 172 million of the barrels will come from the U.S. Strategic Petroleum Reserve.
"We’ll do that and then we’ll fill it up," President Donald Trump said in an interview with WKRC Local 12 in Cincinnati about the release. “Right now we’ll reduce it a little bit, and that brings the prices down.”
The total release is about 20 days' worth of the amount of oil that normally passes through the Strait of Hormuz.
