PARIS : The IEA confirmed that the decision to draw from its emergency oil stockpiles was unanimously approved by all 32 member states. The unprecedented move comes as global crude prices continue to climb following supply disruptions linked to the escalating conflict in the Middle East.
According to the agency, the release of reserves is intended to ease pressure on international oil markets and prevent further price spikes, particularly amid fears that continued military escalation in the region could disrupt the flow of Middle Eastern oil exports to global markets.
The IEA stated that the emergency stockpiles will be gradually introduced into the market, with the timeline and volume adjusted according to the circumstances and needs of each member state.
The agency added that the coordinated release will also be supported by additional emergency measures undertaken by certain countries, aimed at ensuring energy supply stability and maintaining market balance during the ongoing geopolitical uncertainty.
The IEA has released 400 million barrels from its oil reserves to counteract rising crude prices due to Middle East tensions. This unanimous decision by all 32 member states aims to stabilize international markets and prevent further price hikes amid fears of disrupted oil exports from the region.