The decision to release oil was made at an extraordinary meeting of IEA members aimed at reducing price instability caused by the conflict in the Middle East.
The volume of supplies will amount to one third of the total strategic reserves of IEA countries, which exceed 1.2 billion barrels. Specific delivery timelines will be determined based on the circumstances in each participating country. Additionally, some non-member states are also expected to join this initiative, ready to utilize their reserves.
Besides strategic reserves, IEA countries also have another 600 million barrels of industrial reserves that are state-owned.
This will be the largest action of its kind. The reaction to the announcement of the oil release has already led to a decrease in Brent oil prices in the U.S. to $84 per barrel.
The IEA consists of 32 countries, including the United States, the United Kingdom, Japan, Germany, Canada, Australia, Italy, and Mexico.
