The International Energy Agency (IEA) stated that its member countries would release large quantities of oil from emergency reserves to help lower global prices.
In a statement, the agency said, "Countries in Asia and Oceania will begin releasing oil immediately, while reserves from Europe and the Americas will start being released at the end of this month." It stated that this coordinated move represents the largest emergency oil release ever, providing a strong buffer for global supply.
The IEA announced that it would release approximately 400 million barrels of oil, which is more than double the 182.7 million barrels released in 2022 after the Russian invasion of Ukraine.
According to the latest IEA update, member countries have committed nearly 412 million barrels from government, industry, and other reserves. Approximately 72% will be crude oil, and the rest will be refined oil products.
US Energy Secretary Chris Wright said the conflict with Iran could end within the next few weeks, expressing hope that global oil supplies would rebound and fuel prices would ease afterwards. Wright's comments come as Americans are seeing increasingly high gas prices as a result of the war.