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IEA countries agree to the largest-ever release of oil reserves in an effort to curb rising prices caused by Middle East turmoil

Historic release of crude reserves recommended to lower oil and gasoline prices | CNN Business

The International Energy Agency has advised member countries to release 400 million barrels of oil into the global market – the largest release of strategic petroleum reserves in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the latest turmoil in the Middle East.

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The IEA announced its largest-ever release of strategic oil reserves, as the war in Iran roils energy markets.

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Thirty-two countries will release 400 million barrels of oil to help shore up global supply as the war with Iran rages on.

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