With an increase in oil prices globally owing to tensions in West Asia, the International Energy Agency on Wednesday recommended the release of 400 million barrels of oil from stockpiles, which is the largest in IEA history.
According to a statement by the IEA, “The 32-member countries of the International Energy Agency unanimously agreed today to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions in oil markets stemming from the war in the Middle East."
NBC News quoted the IEA saying that collectively, member countries hold emergency stockpiles of more than 1.2 billion barrels.
Let us know more about this global platform.
The International Energy Agency is a platform comprising of industrialized countries under the Organization for Economic Development and Cooperation (OECD).
Established in 1974, in the wake of 1973-1974 crisis, the IEA works to help its members respond to major oil supply disruptions.
Also Read:IEA To Release 400 Mn Barrels From Emergency Oil Reserves; Japan, Germany Join Effort
Over the years, its mandate has expanded over time to include tracking and analyzing global key energy trends.
The founding members are Austria, Belgium, Canada, Denmark, Germany, Ireland, Italy, Japan, Luxembourg, The Netherlands, Norway (under a special Agreement), Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States.
Also Read:IEA Welcomes India’s Support For Oil Stock Release As Global Energy Markets Face Disruption
Source: World News in news18.com, World Latest News, World News
