The International Energy Agency (IEA) announced on Sunday that oil from its reserves will soon flow into global markets, totaling 411.9 million barrels. The agency's member countries have pledged to release 271.7 million barrels from government stocks, 116.6 million barrels from obligated industry stocks, and 23.6 million barrels from other sources.
Of the planned releases, 72% will be crude oil, while 28% will be oil products. The IEA stated that Asia-Oceania countries will release barrels immediately, while Europe and the Americas will do so by the end of March.
This is the sixth time IEA member countries have taken collective action to support oil markets, with previous actions taken in 1991, 2005, 2011, and twice in 2022.
The global energy body's decision comes after a week of disruptions in the global oil supply chain due to the ongoing war between Iran and the United States, Israel. Oil prices have risen to as high as $100 per barrel, with no indication of de-escalation in the conflict.
