International Energy Agency releases record oil reserves to stabilize market

The International Energy Agency (IEA) has announced the release of 411.9 million barrels of oil from strategic reserves, the largest volume in its history. This initiative aims to mitigate the economic consequences of conflicts in the Middle East and Iran that have caused oil prices to spike. The release consists of 271.7 million barrels from government stocks, 116.6 million from mandatory industry reserves, and 23.6 million from other sources. Of the total amount, 72% is composed of crude oil and 28% of refined products. Reserves in Asia and Oceania will be available immediately, while those from Europe and the Americas are scheduled for release by the end of March. The decision was made by the 32 member countries of the IEA, including the United States, following a meeting held last week. This intervention is intended to address global supply constraints and stabilize energy prices.