The International Energy Agency (IEA) has confirmed that its member countries have taken collective action to release oil stocks, marking the sixth such emergency measure in the organization's history. The IEA was founded in 1974 in response to the oil crisis of 1973-74, with a key mandate to coordinate collective responses to major disruptions in oil supply.
According to verified IEA statements, the previous five collective actions occurred in 1991, 2005, 2011, 2022, and 2023. The decision for this latest action was taken by the IEA's Governing Board, which consists of energy ministers from its 31 member countries.
The collective action involves a coordinated release of crude oil and petroleum products from strategic reserves held by member countries. The primary objective is to stabilize global oil markets during a period of significant supply disruption, ensuring adequate supply to the global economy.
The IEA has not disclosed the total volume of oil to be released in this latest action, noting that details are determined by individual member countries based on their specific commitments and circumstances. The agency continues to monitor market conditions closely and advises its members on energy security policies.
