The International Energy Agency said it would release 400 million barrels of oil from its emergency reserves, but markets remain concerned about pressures on supplies for what remains one of the world's most important economic inputs.
"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," International Energy Agency Executive Director Fatih Birol said in a statement. "Oil markets are global so the response to major disruptions needs to be global too."
