IEA to launch largest-ever oil release from strategic reserves, US to contribute 172 million barrels

The IEA said all the 32 member countries backed this sixth coordinated stockpile release since the agency's inception in the 1970s

In a measure to bring down crude prices,  the International Energy Agency has agreed to release a record 400 million barrels of oil — largest in its history — from strategic stockpiles.

The United States will lead with by contributing 172 million barrels, according to U.S. Energy Secretary Chris Wright.

The oil prices have skyrocketed as the U.S.-Israel war with Iran intensified, shutting down Strait of Hormuz — the preferred gateway for oil supply to countries across the globe. On Wednesday, Iran said the world should be brace for further hikes in the oil price to up to $200 a barrel as its forces continue to hit merchant ships on the strait.

The release would exceed the 182 million barrels of oil that IEA had pumped into the market in ⁠two batches in 2022 during the Russia-Ukraine war, WSJ said.

The IEA said all the 32 member countries backed this sixth coordinated stockpile release since the agency’s inception in the 1970s. “President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Wright said in a press ⁠release

“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,” said IEA Executive Director Fatih Birol.

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In a measure to bring down crude prices,  the International Energy Agency has agreed to release a record 400 million barrels of oil — largest in its history — from strategic stockpiles.

The United States will lead with by contributing 172 million barrels, according to U.S. Energy Secretary Chris Wright.

The oil prices have skyrocketed as the U.S.-Israel war with Iran intensified, shutting down Strait of Hormuz — the preferred gateway for oil supply to countries across the globe. On Wednesday, Iran said the world should be brace for further hikes in the oil price to up to $200 a barrel as its forces continue to hit merchant ships on the strait.

The release would exceed the 182 million barrels of oil that IEA had pumped into the market in ⁠two batches in 2022 during the Russia-Ukraine war, WSJ said.

The IEA said all the 32 member countries backed this sixth coordinated stockpile release since the agency’s inception in the 1970s. “President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Wright said in a press ⁠release

“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,” said IEA Executive Director Fatih Birol.