Global elites unleash record emergency oil stockpile to cool volatile prices
The International Energy Agency announced a release of about 400 million barrels from member countries’ emergency oil stocks to counter market disruption from Iran-related tensions and the Strait of Hormuz closure, with G7 members providing the majority of the total. The United States will also tap 172 million barrels from the Strategic Petroleum Reserve, to be delivered over about 120 days and then replenished by roughly 200 million barrels in the following year. Germany, Austria and Japan also pledged partial releases. Analysts say the move could stabilize prices in the short term, but it is not a long‑term fix and trades off future supply by dipping into strategic reserves.