Overview
- The Paris-based agency said the decision was unanimous across its 32 members.
- The drawdown is the largest in IEA history, more than doubling the 182 million barrels released in 2022.
- Barrels will reach the market gradually on national timetables and could be paired with additional emergency steps.
- Germany pledged 2.4 million tonnes (about 17.6 million barrels), Japan will tap public and private stocks equal to 45 days of use, and Spain will contribute the equivalent of 12 days of reserves.
- Brent climbed above $90 on the day of the announcement as the IEA cautioned that stable supplies ultimately depend on reopening the Strait of Hormuz.