RIYADH: The International Energy Agency has suggested releasing 400 million barrels of oil from reserve inventories. This would be the biggest such action in its history. Fatih Birol, the IEA’s Executive Director, said that oil, gas, and other goods flowing via the Strait of Hormuz have almost ceased, reducing global energy supply by almost 20%.
Before the move was confirmed, which was bigger than the 182.7 million barrels that were released in 2022 in response to Russia’s invasion of Ukraine, several countries started making plans to use their reserves as countries deal with rising crude prices during the US-Israeli war with Iran.
Birol added, “I can now say that IEA countries have decided to release the most emergency oil stocks in our agency’s history. To make up for the supply lost when the strait was effectively closed, IEA countries will release 400 million barrels of oil into the market.
This is a big step to lessen the immediate effects of the market disruption. Wednesday, Germany’s Economy Minister Katherina Reiche said that her government aims to limit gas station price rises to once a day and make antitrust rules in the sector stricter. She didn’t say when those steps would happen, but she did say that the US and Japan would be the biggest donors for the release of oil reserves.
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