International Energy Agency to release 400m barrels of oil as costs of Iran war soar
The plan is to increase global oil supply while the Strait of Hormuz is essentially blocked. Russia is once again exporting oil to India and several Asian governments are introducing fuel subsidies; meanwhile the US is launching trade investigations into 12 Asian countries.
With the price of a barrel of brent crude oil hovering at around $90 as a result of the Iran war, the International Energy Agency (IEA), which has 32 members, has said it will discharge a total 400 million barrels from its global reserves, with the US to release 172 million barrels from the US emergency oil reserve.
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