The 32 International Energy Agency member countries agreed to make 400 million barrels from emergency reserves available after the war disrupted oil markets. It was the largest collective release in the IEA’s history. The response aimed to buffer price and supply shocks; it could not substitute for safe, regular shipping or resolve the political causes of the disruption.
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What did IEA member countries agree to release on March 11?
The IEA’s March 11 release was the largest coordinated oil-stock release in its history.
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The IEA described it as the largest collective release it had coordinated.