Paris, March 11 -- The International Energy Agency (IEA) on Wednesday announced the largest-ever release of emergency oil stocks in its history, making 400 million barrels of oil available to global markets to mitigate disruptions caused in the global energy supply by the ongoing West Asia conflict.

In a video statement, IEA Executive Director Fatih Birol highlighted that the conflict has severely impacted global oil and gas markets, particularly through the Strait of Hormuz, and the decision was taken "to offset the supply lost through the effective closure of the Strait."

He emphasised that the resumption of oil and gas transit through the Strait of Hormuz remains critical for long-term stability.

"IEA countries will be making 400 mi...