The International Energy Agency has launched the largest release of strategic oil reserves in its history in an attempt to quell the turmoil in energy markets unleashed by the Middle East war.
The agency on Wednesday said it would release 400mn barrels in a step that dwarfs the 182mn it released in two phases in 2022 following Russia’s full-scale invasion of Ukraine.
Fatih Birol, the IEA’s executive director, said: “The oil market challenges we are facing are unprecedented in scale. Therefore, I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size.”
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