March 11, New Delhi – Countries and agencies worldwide are implementing emergency measures to address soaring oil prices, including capping fuel costs, releasing strategic reserves, and reducing consumption.
The major move comes from the International Energy Agency (IEA), which has proposed the largest release of oil reserves in its history. This release is expected to exceed the 182 million barrels that IEA member countries put on the market in two releases in 2022, following Russia's conflict with Ukraine.
The decision was made during an extraordinary IEA meeting, with members expected to finalize the proposed release later on Wednesday.
Oil prices reacted sharply to the news. At around 0040 GMT, Brent Crude fell by 0.84 percent to $87.06, while West Texas Intermediate dropped by 1.02 percent to $82.60.