March 12, New Delhi – The International Energy Agency’s decision to release 400 million barrels of oil from global reserves has already had a significant impact on energy markets, which remain in a critical state following the closure of the Strait of Hormuz, said Executive Director Fatih Birol on Thursday.
The International Energy Agency, comprising major oil-consuming nations, recommended on Wednesday releasing 400 million barrels from global strategic reserves—the largest such move in history—to ease one of the worst oil shocks since the 1970s.
Director Birol stated at a press conference in Istanbul that the move, aimed at stabilizing oil markets amid the Iran conflict, is already having a strong impact and represents a highly significant development.