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