The International Energy Agency (IEA) said member countries have released 325 million barrels of oil and its derivatives from strategic reserves. The coordinated release aims to stabilize energy markets amid disruptions caused by the U.S.-Iran conflict.
The announcement followed a G7 decision to immediately release 100 million barrels of diesel and crude oil to ease global supply constraints. Geopolitical tensions and their impact on energy infrastructure have kept supply concerns in focus for investors and policymakers.
The reserve releases are intended to limit the effects of supply disruptions and high prices, which have driven volatility in energy markets.