WORLD_ IEA Agrees to Release Record 400 Million Barrels From Reserves (Andrew Moran & Evgenia Filimianova - THE EPOCH TIMES)

THE EPOCH TIMES

IEA Agrees to Release Record 400 Million Barrels From Reserves

Global oil prices pared their gains following the organization’s announcement

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An aerial view of the Iranian shores and Port of Bandar Abbas in the Strait of Hormuz, on Dec. 10, 2023. Stringer/Reuters

Andrew Moran & Evgenia Filimianova
3/11/2026|Updated: 3/11/2026


Members of the International Energy Agency (IEA) agreed on March 11 to release 400 million barrels of oil from reserves.

This is the largest withdrawal on record as governments attempt to mitigate the spike in global energy prices.

With global crude demand totaling approximately 100 million barrels per day, the latest supply injection is expected to be enough to cover about four days of consumption.

Oil prices pared some of their gains following the announcement.

A barrel of West Texas Intermediate—the U.S. benchmark for oil prices—rose more than 2 percent in the middle of the trading week to above $85 on the New York Mercantile Exchange. 

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READ MORE: https://www.theepochtimes.com/world/iea-agrees-to-release-largest-ever-400-million-barrels-from-reserves-5997152?ea_src=frontpage&ea_med=section-1

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