The participating countries of the International Energy Agency (IEA) have agreed to release 400 million barrels of oil from their strategic reserves to the global market to reduce price volatility against the backdrop of the conflict in the Middle East. This was reported by “Elchi”, citing the agency. The decision was adopted at an extraordinary meeting of IEA members. The volume of supply will depend on the internal circumstances of each participating country and will be supplemented by the strategic reserves of several states. In total, IEA countries have more than 1.2 billion barrels of strategic oil reserves, of which approximately one-third is planned to be released to the market. In addition, participating countries in the IEA have 600 million barrels of state-owned industry reserves.
IEA countries to release 400 million barrels of oil from strategic reserves to the market
