International Energy Agency to release 400 million barrels from emergency reserves amid Middle East conflict

The International Energy Agency says it will release 400 million barrels of oil from emergency reserves to help offset supply disruptions linked to the ongoing conflict in the Middle East.

According to the agency, the move is intended to stabilize global oil markets and reduce pressure from rising crude prices as the war affects supply routes and production in the region.

The IEA said the decision represents the largest coordinated release of emergency oil stocks in the agency’s history. The organization has not yet confirmed when the oil will begin entering global markets or how quickly the reserves will be distributed.

Canada’s Natural Resources Minister, Tim Hodgson, said Canada will contribute to the effort as part of the IEA’s coordinated response. He said the measure is aimed at helping control rising global oil prices triggered by the conflict.

The International Energy Agency includes 32 member countries, including Canada, which coordinate energy policy and emergency supply measures during global disruptions.