International Energy Agency makes decision/Approves release of 400 million barrels of oil

Member countries of the International Energy Agency (IEA) have unanimously decided to launch the largest release of emergency oil reserves in the agency's history.

"The oil market challenges we are facing are unprecedented in scale, so I am very pleased that IEA member countries have responded with emergency collective action of unprecedented magnitude," says IEA Executive Director Fatih Birol.

The International Energy Agency says emergency reserves will be made available to the market over a timeframe that is appropriate to the national circumstances of each member country.

It is the sixth time the IEA has approved a coordinated release of oil reserves, having previously done so in 1991, 2005, 2011 and twice in 2022, it said.

He adds that its members hold emergency reserves of more than 1.2 billion barrels, with another 600 million barrels of industrial reserves held under government obligation. /CNA

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