IEA Agrees to Release Record 400 Million Barrels From Reserves

Global oil prices pared their gains following the organization’s announcement.

An aerial view of the Iranian shores and Port of Bandar Abbas in the Strait of Hormuz, on Dec. 10, 2023. Stringer/Reuters

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.