Paris, March 12 -- The International Energy Agency (IEA) says member countries have agreed to release 400 million barrels of oil from strategic reserves - the largest coordinated release in the agency's history - as the war in the Middle East disrupts global energy supplies.
The US Department of Energy said it would contribute 172 million barrels from the Strategic Petroleum Reserve, with releases expected to begin next week.
The move is intended to stabilise markets amid fears that Iranian attacks and the conflict around the Strait of Hormuz could continue blocking Middle Eastern oil exports.
IEA executive director Fatih Birol said the crisis represented an unprecedented challenge for energy markets. "The oil market challenges we are fa...