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International Energy Agency member countries unanimously agreed to release 400 million barrels of oil.
On March 11, the International Energy Agency issued a statement saying that 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tightness caused by military strikes by the United States and Israel on Iran. Xinhua News Agency reporter Wu Huiwo took the photo.
Beijing, March 11 — The International Energy Agency announced on the 11th that 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves to respond to the global oil supply tightness resulting from military strikes by the U.S. and Israel on Iran.
IEA Director Fatih Birol stated that the release of strategic oil reserves will be implemented in phases based on the specific circumstances of each member country within an appropriate timeframe. The IEA will later publish detailed plans for releasing the 400 million barrels of oil and will continue to closely monitor changes in the global oil and natural gas markets.
On March 11, the IEA issued a statement saying that 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tightness caused by military strikes by the United States and Israel on Iran. Photo by Ahmed Goma, Xinhua News Agency.
Birol previously stated in a press release that currently, IEA member countries hold more than 1.2 billion barrels of public emergency oil reserves, in addition to about 600 million barrels of corporate reserves controlled by member governments. According to relevant mechanisms, IEA member countries must ensure that their oil reserves are equivalent to at least 90 days of net imports and be prepared for severe supply disruptions in the global oil market.
On March 11, the IEA issued a statement saying that 32 member countries have unanimously agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tightness caused by military strikes by the United States and Israel on Iran. Photo by Ahmed Goma, Xinhua News Agency.
(Editors: Wang Zhiqiang HF013)
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