IEA: 325 million barrels of oil from strategic reserves released to ease Middle East energy crisis
The IEA announced that member nations have released 325 million barrels of oil from strategic reserves to address global supply shortages. This action follows G7 coordination to mitigate price spikes caused by the US-Iran conflict.
Why it matters
Strategic oil releases are critical tools for stabilizing global energy markets during geopolitical instability.
PARIS, Oct 4 — The International Energy Agency said yesterday that member countries had so far released 325 million barrels of oil and oil-derivative products from strategic reserves, from 400 million barrels promised in March.
The update came a day after G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war.
The G7 did not say whether the 100 million barrels included the outstanding 75 million barrels from the March IEA commitment, or came on top of that.
The US government of President Donald Trump has been pressuring allies to release diesel reserves to ease a spike in prices for the fuel, being felt in America and elsewhere.
Also covering this story
5 other newsrooms covered this event. We read each version separately.
Persian Gulf oil exports exceed 16 million barrels per day - OilPrice
G7 to release 100 million barrels of oil and diesel, will it curb prices? - Al Jazeera
Hormuz blocked, but Gulf crude shipments at pre-war level
West Asian crude oil exports exceed pre-war levels but tanker attacks increase
325m barrels released from oil reserves since March
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in