Thirty-two countries of the International Energy Agency (IEA) will release 400 million barrels of their strategic reserves to compensate for supply losses due to disruptions in maritime traffic through the Strait of Hormuz.
The International Energy Agency (IEA) announced that 32 member countries will collectively release 400 million barrels of their strategic oil reserves. This unprecedented move is aimed at compensating for significant supply shortages resulting from the disruption of maritime traffic via the Strait of Hormuz. IEA Executive Director Fatih Birol highlighted that this is the largest volume of reserves utilized since the agency's establishment in 1974, underscoring the urgency of the situation.
