The agency's 32 member states approve a 400 million barrel release to stabilize global energy markets
The International Energy Agency has agreed to release 400 million barrels of oil from strategic reserves, marking the largest coordinated release in its history, according to an announcement on Wednesday. The move comes as the war involving Iran disrupts global energy supplies and drives oil prices higher.
The IEA said its 32 member countries unanimously approved making the emergency reserves available to the market. The agency said the oil will be released over a timeframe that is appropriate to the circumstances of each member country.
The IEA has not yet released details about when countries will start releasing oil or how much they will be able to release into the market at a time.
www.i24news.tv
The International Energy Agency has agreed to release 400 million barrels of oil from strategic reserves, marking the largest coordinated release in its history, according to an announcement on Wednesday. The move comes as the war involving Iran disrupts global energy supplies and drives oil prices higher.
The IEA said its 32 member countries unanimously approved making the emergency reserves available to the market. The agency said the oil will be released over a timeframe that is appropriate to the circumstances of each member country.
The IEA has not yet released details about when countries will start releasing oil or how much they will be able to release into the market at a time.
IEA agrees to largest oil reserve release in history amid Iran war supply shock - i24NEWS
The agency's 32 member states approve a 400 million barrel release to stabilize global energy markets
www.i24news.tv
