IEA to release 400 million barrels of oil as Iran war disrupts global supply

The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to ease supply disruptions caused by the ongoing war involving Iran, marking the largest coordinated stock release in the agency’s history. According to a CNBC report, the IEA did not specify a timeline for when the oil reserves would reach the market, stating that the release would occur at a pace suited to the circumstances of each of its 32 member countries. The organization’s members are largely advanced economies across Europe, North America, and Northeast Asia, and the agency is tasked with maintaining global energy security. The IEA was established in 1974 following the 1973 Arab–Israeli War, after Arab oil producers imposed an embargo in response to United States support for Israel.