The IEA is considering releasing oil barrels from reserves with brent over $90, though mixed messages from US officials were met with market volatility. (Source: Bloomberg)
Countries that are members of the International Energy Agency (IEA) will release the largest-ever amount from their oil stockpiles to alleviate price spikes caused by the conflict in Iran. “IEA countries have unanimously decided to launch the largest ever release of emergency oil stocks in our agency’s history,” said IEA executive director Fatih Birol in…
President Trump ordered the release of 172 million barrels of oil from the U.S.'s Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
The International Energy Agency is proposing that its member governments jointly release up to 400 million barrels of oil from strategic stockpiles after the Iran war set off a chaotic spike in crude prices.Why it matters: It would be the largest joint release in the history of IEA, which coordinates members' emergency responses to oil shocks. The effort…
Donald Trump’s war on Iran is backfiring in a critical area: Iran is exporting more oil through the Strait of Hormuz than before. The Wall Street Journal reports that Iran has taken control of the key waterway and effectively shut out the rest of the oil-producing countries in the Persian Gulf. Since the war began February 28, Iran has loaded seven…
A cohort of developed nations agreed to release a record amount of emergency oil reserves Wednesday amid the impact that the U.S. attacks against Iran have had on the oil market.
