IEA announces biggest-ever release from strategic petroleum reserve

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The International Energy Agency (IEA) announced its biggest-ever release of 120 million barrels of oil from the strategic petroleum reserve over the next six months, it said in a statement.

The agency added that the US will contribute with nearly 60 million barrels of oil from its total reserve, as part of the release plan announced earlier in March.

Over the next six months, there will be 240 million barrels of oil from the strategic reserve available on the global market, which is equivalent to more than one million barrels per day, IEA stated.

This is the second time the agency announces the release from its strategic petroleum reserve.

In March, IEA announced a plan to release 62.7 million barrels to overcome the rise in crude prices after the outbreak of Russia-Ukraine war.