IEA to Release Over 400 Million Barrels of Emergency Oil Amid West Asia Conflict

The International Energy Agency (IEA) announced the largest coordinated release of emergency oil reserves in its history, with member countries pledging over 400 million barrels to ease supply disruptions caused by the ongoing conflict in West Asia and the closure of the Strait of Hormuz. Stocks from Asia and Oceania will be released immediately, while those from Europe and the Americas will follow by the end of March. Despite this, experts warn the release may only partially offset the significant supply shortfall until normal operations resume.