IEA backs record release from strategic oil reserves to bring down prices
March 11, 2026
Big oil tanks are shown in front of the BP refinery in Gelsenkirchen, one of the biggest fuel producers in Germany, on Wednesday.Martin Meissner/The Associated Press
International Energy Agency member countries have unanimously agreed to release 400 million barrels of oil reserves into the global market – the largest-ever move in its history – in a bid to bolster supplies and calm markets amid the escalating U.S.-Israeli…
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