The member countries of the International Energy Agency agreed unanimously to release 400 million barrels of strategic oil reserves

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The International Energy Agency issued a statement on the 11th, stating that its 32 member countries agreed unanimously to release 400 million barrels of strategic oil reserves in order to address the global oil supply shortages resulting from military attacks by the United States and Israel against Iran. Fatih Birol, Director-General of the International Energy Agency, said that the release of strategic oil reserves will be implemented in phases within an appropriate time frame, depending on the specific circumstances of each member country. The International Energy Agency will release detailed plans for releasing 400 million barrels of oil reserves at a later date, and will continue to closely monitor developments in the global oil and gas markets. Biroul had previously said in a press release that the member countries of the International Energy Agency currently hold over 1.2 billion barrels of public emergency oil reserves, in addition to about 600 million barrels of corporate reserves under the control of those government agencies. Under the relevant mechanisms, IEA member countries must ensure that their oil reserves equal at least 90 days of net imports, and be prepared to address any severe supply disruptions in the global oil market.