Paris, March 16 -- The International Energy Agency (IEA) has said that 400 million barrels of oil from its emergency reserves will soon start flowing to markets in Asia and Oceania in response to the disruptions resulting from the war in West Asia.

In a statement released by the IEA on March 15, the agency said that IEA member countries will make 400 million barrels of oil available to the market. This is the largest release in its history and is one-third of the grouping's total holding of 1.2 billion barrels of government reserves.

This follows an announcement by the global energy watchdog on March 11.

"Individual implementation plans have been submitted to the IEA by Member countries. These plans indicate that stocks will be made av...