The International Energy Agency (IEA) says its 32 member countries have unanimously agreed to release 400 million barrels of oil from strategic reserves, the largest coordinated release in the agency’s history, as the Iran war disrupts global energy markets.
IEA Executive Director Fatih Birol said “The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size.”
“Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together.”
The agency has not yet announced a timeline for the release. “The IEA Secretariat will provide further details of how this collective action will be implemented in due course,” a statement said.
The disruption follows escalating conflict near the Strait of Hormuz, a key global shipping route, where tanker traffic has been severely affected.
Key developments:
• IEA members collectively hold more than 1.2 billion barrels in emergency reserves.
• US crude prices have risen more than 25% since the war began, while petrol prices have also climbed sharply.
• Japan’s Prime Minister Sanae Takaichi said Tokyo will release oil from 16 March, citing Japan’s heavy reliance on Middle East energy supplies.
Ebrahim Zolfaqari, spokesperson for Iran’s Khatam al-Anbiya military command headquarters, warned the conflict could sharply drive up prices, telling the United States: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised.”
Energy companies and insurers have reduced operations in the region amid growing security risks.
ℹ️ NBC News
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