The volume of oil being released amounts to one-third of the total strategic reserves of IEA countries, which exceed 1.2 billion barrels. Each participating country will determine the timing of deliveries based on its national conditions. Additionally, some countries outside the IEA that are also willing to use their reserves will join this initiative.
In addition to strategic reserves, IEA members have 600 million barrels of industrial reserves that are state-owned.
This decision marks the largest of its kind. As a result of the announcement, the price of Brent crude oil in the U.S. fell to $84 per barrel.
The IEA comprises 32 countries, including the United States, the United Kingdom, Japan, Germany, Canada, Australia, Italy, and Mexico.
