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From Adanna Nnamani, Abuja
The International Energy Agency (IEA) has announced a massive 400 million‑barrel oil release to ease the global supply crunch caused by the escalating Middle East conflict.
IEA Executive Director Fatih Birol made the announcement on Wednesday, saying the decision came after a unanimous agreement among member countries. He described it as the largest emergency oil release in the agency’s 50‑year history.
“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost due to the effective closure of the Strait of Hormuz. This action aims to alleviate the immediate impact of disruption in markets,” he stated.
Birol, however, stressed that the ultimate solution to stabilising oil flows lies in reopening the Strait of Hormuz, the vital chokepoint along Iran’s coast that handles about one‑fifth of the world’s oil shipments.
He added that the IEA would continue monitoring the situation and make further recommendations as needed to keep markets stable.
The announcement comes amid warnings from Iran’s military that crude prices could surge to $200 per barrel after attacks on three vessels in the strait. The escalation has rattled markets and prompted urgent interventions by international agencies.
The move also follows recent discussions by Group of Seven (G7) finance ministers on coordinated releases from emergency oil reserves, highlighting the severity of the supply disruption caused by the U.S.‑Israeli conflict with Iran.
