The International Energy Agency Decided to Release Oil Reserves to the Market

The International Energy Agency announced its historic decision, agreeing to release 400 million barrels of crude oil from national emergency reserves onto the market. Zamin.uz reported on this.

This major step was jointly adopted by thirty-two member states, with the primary reason being the ongoing political and military conflict in Iran. This measure aims to address issues related to the sharp rise in oil prices on the global market due to this situation.

Following an extraordinary meeting held by the Agency in Paris, its Executive Director Fatih Birol emphasized that unprecedented difficulties have emerged in the oil market. According to him, it is crucial for all countries to act together to eliminate disruptions at the global level.

This decision is primarily aimed at stabilizing the situation in the Strait of Hormuz, which accounts for nearly half of global oil trade. Recently, oil prices exceeded the $100 mark for the first time in their thirty-year history.

To reduce pressure on the global market, the United States granted temporary permission to the Indian government to purchase Russian oil. IEA member states, including countries belonging to the G7 group, currently hold a strategic reserve of 1.2 billion barrels.

Additionally, there are an extra 600 million barrels of oil reserves available in the industry. Since its establishment in 1974, the Agency has utilized reserves during emergencies only five times.

This time, the adopted decision represents the largest and most coordinated measure in history. This single global response is expected to play a decisive role in stabilizing oil prices and reducing serious damage to the economy.