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Axios
Axios
Business

IEA announces historic oil reserve release amid Iran war

IEA Oil Iran the International Energy Agency Fatih Birol

The International Energy Agency said Wednesday its member governments will jointly release up to 400 million barrels of oil from strategic stockpiles after the Iran war set off a chaotic spike in crude prices.

Why it matters: It would be the largest joint release in the history of IEA, which coordinates members' emergency responses to oil shocks.

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