Comforting! The oil crisis during the war will soon be over; 32 countries open emergency reserves

New Delhi : IranThere is a war going on between Israel and America. This war is causing great damage. This attack is also being retaliated by Iran. Due to these attacks, oil crisis has arisen in other countries including India. While this is the case, now there is a comforting news. The current global oil crisis will soon be over. Because 32 countries have opened their emergency reserves. So it will be beneficial.

Amidst the oil crisis exacerbated by the fierce war in West Asia, there has been some relief. In a historic decision, 32 member countries of the International Energy Agency announced to release 400 million barrels of oil from their emergency reserves. This is aimed at reducing the crisis in the global oil market due to the ongoing war in the Middle East. IEA Executive Director Fatih Birol said the decision was unanimously approved by 32 member countries in an emergency meeting. This 400 million barrels of oil will be made available to counter market volatility caused by the war in the Middle East, the statement said. Each member country will release this oil to the market within a reasonable time taking into account their national circumstances.

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Meanwhile, the oil market is currently facing unprecedented challenges. In this time of crisis, we are glad that the Member States have come together to take such an important decision. Oil markets are global, so any major crisis requires collective solutions. The International Energy Agency has previously issued emergency oil quotas, but this is the first time such a large oil release has been released.

Oil was released during the Russia-Ukraine war

In 2022, 182 million barrels of oil were released during the Russia-Ukraine war. Now, during the Iran war, more than double that amount has been decided to be released into the market. 32 IEA members hold more than 1.2 billion barrels of oil as public emergency reserves. Additionally, they maintain industry reserves of approximately 600 million barrels as per government mandates.