IEA members created their strategic petroleum reserves after the first oil shock in 1973 to better handle disruptions in supplies

IEA members created their strategic petroleum reserves after the first oil shock in 1973 to better handle disruptions in supplies

The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war.

The sixth release of oil from the strategic petroleum reserves is the biggest such release ever.

Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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