Paris, March 15 (SANA) – The International Energy Agency announced Sunday that member states will begin releasing oil from their strategic reserves in an effort to curb rising global crude prices.
According to a statement cited by AFP, member countries in Asia and Oceania will immediately start supplying oil from emergency reserves, while similar releases by countries in the Americas and Europe are expected to follow later this month.
The move comes amid growing volatility in global energy markets following escalating tensions in the Middle East, which the agency described earlier this week as causing one of the largest disruptions to oil supply in the history of the global market.
The agency indicated that member countries are preparing to release around 400 million barrels, potentially marking the largest coordinated drawdown of strategic reserves ever undertaken, aimed at easing price pressures and stabilizing supply.
Regional tensions have intensified since late February following U.S. and Israeli strikes on Iran and subsequent Iranian missile and drone attacks targeting several countries in the region, raising concerns about disruptions to energy supplies and shipping through key maritime routes.
Kh.A
