International Energy Agency decided to release emergency oil reserves

¨     International Energy Agency decided to release emergency oil reserves.

¨     The agency plans to supply about 400 million barrels of oil.

¨     This will be the largest emergency oil release in the agency’s history.

¨     The decision was taken due to rising geopolitical tensions in West Asia.

¨   Member countries of the International Energy Agency collectively hold more than 1.2 billion barrels of government-controlled emergency oil stocks.

¨     Apart from public reserves, about 600 million barrels are stored by private industry.

¨     International Energy Agency is an  autonomous intergovernmental organization. It is based in Paris. It was established in 1974.

¨     It provides policy recommendations, analysis and data on the global energy sector.