March 16, New Delhi – The International Energy Agency (IEA) has announced the largest coordinated release of strategic oil reserves to stabilize global markets.
Approximately 400 million barrels will be released, with supplies in Asia and Oceania starting immediately, and in Europe and the Americas by the end of March.
The move aims to counter rising fuel prices driven by ongoing conflict pressures on global energy supply.
U.S. Energy Secretary Chris Wright stated that tensions could ease in the coming weeks, raising hopes for stabilizing oil prices.