IEA Releases 80% of Strategic Oil Reserves into Market

© изображение сгенерировал ИИ

As the conflict in the Middle East intensified and oil supplies from the Persian Gulf through the Strait of Hormuz were cut off, the International Energy Agency (IEA) decided to release the largest amount of strategic oil reserves—400 million barrels. Approximately 2.5-3 million barrels of oil are being released into the market daily, according to a report by Interfax, citing IEA Executive Director Fatih Birol.

Birol noted that 80% of the reserves have already been released. He emphasized that if IEA member countries decide, the remaining portion will also be released. Birol further stated that if the Strait of Hormuz remains closed, markets will enter a "red zone" in July-August.