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International Business Times
International Business Times
Business

IEA Releases 400 Million Barrels from Reserves to Ease Energy Prices

R IEA Oil the International Energy Agency Fatih Birol Strait of Hormuz the Strait of Hormuz
Drilling platforms Elly (L), Ellen (C) and Eureka (R) are seen off the southern California coast on October 6, 2021. - The US Coast Guard is investigating a possible anchor strike as the cause of a broken pipeline that has spewed tens of thousands of gallons of crude oil into the sea off California, media reported on October 5.

The International Energy Agency announced Wednesday that it will release 400 million barrels of oil from emergency reserves to help stabilize global energy markets disrupted by the ongoing Iran War.

The move marks the largest coordinated oil stock release in the agency's history. Officials said the decision aims to ease supply shortages and calm rising prices after shipping through the critical Strait of Hormuz was effectively halted.

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