IEA Weighs Releasing More Oil Reserves as Strait of Hormuz Crisis Persists
The International Energy Agency says it will consider releasing additional emergency crude stocks to cool rising oil prices caused by the ongoing crisis in the Strait of Hormuz.
The world's leading energy watchdog, the International Energy Agency (IEA), has announced that it will consider releasing further emergency crude oil reserves into the global market to help stabilize rising oil prices. This comes in the wake of the ongoing crisis in the Strait of Hormuz, which has continued to disrupt energy markets worldwide.
Fatih Birol, the head of the IEA, stated that the agency's members still hold large reserves of emergency oil stocks, even after agreeing to the largest release of government crude in market history. This means that more emergency oil reserves could be released
Source: The Guardian
