All 32 IEA member countries have agreed to make 400 million barrels of oil from their emergency reserves available to the market “to address disruptions in oil markets stemming from the war in the Middle East.”⁣ ⁣ According to an IAEA statement: “The emergency stocks will be made available to the market over a timeframe that is appropriate to the national circumstances of each Member country and will be supplemented by additional emergency measures by some countries.”⁣ ⁣ IEA members hold emergency stockpiles of over 1.2 billion barrels, with a further 600 million barrels of industry stocks held under government obligation. The coordinated stock release is the sixth in the history of the IEA, which was created in 1974.⁣ ⁣ #oil #iran #iaea