IEA launches emergency oil reserve. Such an operation has never occurred in history

Crude oil from emergency reserves will soon begin flowing to global markets, the International Energy Agency (IEA) said in a statement on Sunday. The decision to release the reserves is a reaction to the price crisis on the oil market due to the war in the Middle East.

As announced by the International Energy Agency, oil resources from Asia and Oceania will be available immediately, and those from Europe and the Americas – at the end of March.

The statement added that IEA member states in the Americas will make 172.2 million barrels of oil available.

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The IEA announced that the governments of member countries have committed to making 271.7 million barrels of oil available from state reserves. 72% is crude oil and 28% – petroleum products.

The International Energy Agency previously announced the release of 400 million barrels of oil from reserves. The aim of these actions is to reduce the prices of raw materials, which have increased rapidly in connection with the war between the United States and Israel with Iran, which began on February 28.

This is the largest such release of oil reserves in history.

The International Energy Agency was established in 1974 in the wake of the first global oil crisis. It brings together 30 countries belonging to the Organization for Economic Co-operation and Development (OECD). Its headquarters – like the OECD – is in Paris.

The main tasks of the IEA include maintaining and improving response systems in the event of interruptions in oil supplies; promoting rational energy policies in a global context through cooperation with non-IEA countries, industry and international organizations; promotion of international cooperation in the field of energy technologies; assistance in the integration of energy and environmental protection policies. The IEA also conducts reviews of crisis response preparedness in member states and reviews of energy policies, and prepares numerous analyzes and publications in the field of energy. (PAP)

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