IEA releases 400 million barrels from emergency oil reserves due to Iran conflict

More than 400 million barrels of oil from International Energy Agency emergency reserves will soon be released to address rising crude prices linked to disruptions in the Strait of Hormuz since the onset of the Iran war. The rollout includes 271.7 million barrels from government stocks, 116.6 million from obligated industry stocks, and 23.6 million from other sources. The IEA coordinates stockpiles among 32 countries, with this being the sixth coordinated release since its formation in 1974.

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