IEA plans to release 400 million barrels of oil to curb the impact of war in Iran

According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels.

A group representing many of the world’s wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz.