IEA releases around 325 million barrels of oil from strategic reserves

The International Energy Agency said it has released around 325 million barrels of oil from strategic reserves as part of efforts to stabilize global energy markets.

The amount represents more than 80 percent of the 400 million barrels that IEA member countries originally pledged to make available in March.

IEA Executive Director Fatih Birol told a virtual meeting of G7 leaders that the impact of the Strait of Hormuz crisis remains severe, particularly in diesel markets.

According to a joint G7 statement, member countries plan to release up to 100 million barrels of diesel and other oil reserves over the next four months. On March 11, all 32 IEA members unanimously agreed to make 400 million barrels of oil available from emergency reserves, marking the largest coordinated release in the agency's history.

According to CCTV+, strategic reserve releases remain one of the main tools being used to stabilize energy markets amid continuing supply disruptions and tensions around key transport routes.