Thirty-two nations part of the International Energy Agency (IEA) have agreed to release a record 400 million barrels of emergency oil reserves to address challenges in the global oil market, exacerbated by conflicts in the Middle East following U.S. actions against Iran. This is the largest coordinated release in IEA history, surpassing previous efforts made during crises like Russia’s invasion of Ukraine. President Trump welcomed the decision, asserting it would help reduce oil prices amid rising costs linked to the ongoing conflict.
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