IEA Agrees to Release Record 400 Million Barrels From Reserves
By Andrew Moran
Members of the International Energy Agency (IEA) agreed on March 11 to release 400 million barrels of oil from reserves.
This is the largest withdrawal on record as governments attempt to mitigate the spike in global energy prices.
Global oil prices pared their gains following the organization’s announcement.
With global crude demand totaling approximately 100 million barrels per day, the latest supply injection is expected to be enough to cover about four days of consumption.
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