By Corentin Dautreppe, AFP
Photo: 123RF
The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war.
The sixth release of oil from the strategic petroleum reserves is the biggest such release ever.
It is equivalent to around 20 days of supplies that transit through the Strait of Hormuz, which has been effectively shut down due to Iranian attacks on ships, according to Simone Tagliapietra at the Bruegel think tank.
Strategic oil reserves act as a cushion in case of economic shocks or disruptions.
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