IEA Releases 400 Million Barrels of Oil Reserves
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IEA to Release Record 400 Million Barrels of Oil Reserves Amid Middle East Conflicts
The International Energy Agency (IEA) is set to release a record 400 million barrels of emergency oil reserves, the largest amount in its history, to ease global supply worries from ongoing conflicts in the Middle East. Tensions have escalated after Iran targeted ships and laid mines in the Strait of Hormuz, halting nearly all cargo traffic there. This strait handles about one fifth of the worlds oil supply, and producers in the region are now cutting output due to blocked routes and damaged infrastructure. Oil prices jumped close to $120 per barrel after attacks on February 28th but have eased back under $90. Gas prices have also climbed, averaging $3.58 per gallon as of March 11th, up from $2.94 a month earlier. This release follows a previous one of about 183 million barrels in 2022 following Russias invasion of Ukraine. The IEAs stockpiles, started in 1974 after the Arab oil embargo, total over 1.2 billion barrels across 32 member countries, plus 600 million in industry holdings. Releases like this have happened five times before, and officials say deliveries should start in a couple of days to help stabilize supplies amid these disruptions.
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