Member countries of the International Energy Agency agree to release 400 million barrels of strategic petroleum reserves

The International Energy Agency stated on the 11th that the 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves to address the tightening global oil supply due to military strikes by the United States and Israel against Iran. The Director of the International Energy Agency, Fatih Birol, indicated that the release of the strategic oil reserves will be implemented in stages within an appropriate timeframe based on the specific circumstances of each member country. The International Energy Agency will announce the specific plan for releasing the 400 million barrels of oil reserves later and will continue to closely monitor changes in the global oil and gas markets. Birol previously stated in a press release that the member countries of the International Energy Agency currently hold more than 1.2 billion barrels of public emergency oil reserves, in addition to approximately 600 million barrels of corporate reserves controlled by member governments. According to relevant mechanisms, member countries of the International Energy Agency must ensure that oil reserve levels are equivalent to at least 90 days of net imports and be prepared for potential severe supply disruptions in the global oil market. (Xinhua News Agency)