Reference News Network, March 14 report: According to the German news television channel's website on March 11, in response to the Iranian war, the International Energy Agency (IEA) plans to release a record amount of strategic oil reserves. According to an announcement published by the agency's headquarters in Paris, the 32 member countries of the energy agency will release a total of 400 million barrels of oil. Previous joint actions had never released so much oil before. This move aims to stabilize the market that has become tense due to the war.
Germany has announced it will release 19.5 million barrels of oil. In addition, Germany has also stipulated that gas stations can only increase prices once a day.
The International Energy Agency said that countries will release reserves at appropriate times, and some countries will also take other emergency measures. The IEA quoted the director Fatih Birol, who said: "The scale of challenges currently facing the oil market is unprecedented." Birol said that therefore, he was pleased to see measures of record scale. He said that the oil market is a global market, and for major disruptions, a global answer must be given.
The war in the Middle East has greatly damaged the energy market. The transportation process of energy from the Gulf area through the important Strait of Hormuz has actually come to a standstill. Recently, reports about Iran allegedly laying mines in the Strait of Hormuz have once again raised concerns about the security of international energy supply.
To respond to the crisis, all 32 IEA member countries, from Austria to South Korea, must establish emergency reserves. These countries have a total of 120 million barrels of oil and 60 million barrels of industrial inventory. However, it is rare for countries to jointly release reserves.
Germany holds at least 90 days of strategic reserves to cope with supply interruptions. The Federal Ministry of Economics stated that these strategic oil reserves can cover three months even if all import channels are completely interrupted.
According to AFP on March 12, a minister of the Trump administration in the United States announced on Wednesday that as part of the international community's efforts to limit the economic impact of the Middle East war, the United States will gradually release 172 million barrels of oil from its strategic reserves.
U.S. Energy Secretary Chris Wright wrote on X platform that the President "has authorized the Department of Energy to start releasing 172 million barrels of oil from the strategic petroleum reserve next week." He added, "Considering the scheduled unloading rate, it will take about 120 days to complete the delivery."
Wright assured, "The United States has made arrangements to significantly replenish these strategic reserves by purchasing approximately 200 million barrels over the next year."
Original: toutiao.com/article/7617041340819407401/
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