Members of the International Energy Agency will release 400 million barrels from their strategic reserves to address the reduction in supply due to the disruption of maritime traffic in the Strait of Hormuz. This is the largest volume of strategic reserves used to date, according to the executive director of the IEA, Fatih Birol, in a statement. Birol indicated that the decision was unanimous among the 32 member countries and clarified that the purpose of this action is to mitigate the reduction in oil supply due to the closure of the Strait of Hormuz. However, he emphasised that the most crucial aspect for resuming the flow of oil and gas is the reopening of that route. He recalled that prior to the conflict, approximately 15 million barrels of crude oil and another 5 million barrels of petroleum products were exported, representing nearly 25% of the oil transported by sea.
The International Energy Agency will release 400 million barrels of oil from its strategic reserves.
