European Countries To Release Oil Reserve As West Asia Conflict Rattles Energy Markets
BRUSSELS, March 12 (Bernama-Xinhua) — A group of European countries has announced plans to release emergency oil stocks after the International Energy Agency (IEA) recommended a record drawdown from reserves to help calm surging energy prices amid escalating tensions in the West Asia, reported Xinhua. IEA Executive Director Fatih Birol said Wednesday that the agency’s 32 member countries had unanimously agreed to make 400 million barrels of oil available to the market from their emergency reserves. The move aims to address disruptions in global oil markets caused by the conflict in the West Asia, particularly the effective closure of the […]
