The International Energy Agency said Wednesday that member countries had unanimously agreed to release 400 million barrels of oil from their reserves in a bid to ease prices that are soaring due to the Iran war.
“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,” IEA Executive Director Fatih Birol said.
The agency did not set out a definitive timeline for when the release — the largest ever by IEA nations — would begin. “The IEA Secretariat will provide further details of how this collective action will be implemented in due course,” a statement said.
Following the IEA announcement, U.S. crude oil traded around $84 per barrel, down only a few dollars from before it, a sign that the market is not expecting this move to provide quick relief or to rapidly
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