The International Energy Agency has agreed to the largest ever release of oil from the world’s combined strategic petroleum reserves to address severe supply disruptions caused by the U.S. and Israel’s war in Iran.
Combined, IEA member countries will be releasing about 400 million barrels over the coming weeks, according to IEA President Fatih Birol. The decision to release the oil was unanimous, a statement from the organization said.
The United States is a member of the IEA, but it is not clear how it will participate in this action. The specific amounts each member country would release were not immediately available, and the Department of Energy and the White House did not immediately respond to requests for comment.