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IEA announces record 400 million barrel oil release amid Middle East tensions

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IEA announces record 400 million barrel oil release amid Middle East tensions


IEA announces record 400 million barrel oil release amid Middle East tensions

The International Energy Agency (IEA) has authorised the historic release of 400 million barrels of oil to address the shortage caused by supply disruptions amid intensifying tensions in the Middle East.

The decision comes after Iran announced the closure of the Strait of Hormuz, a critical passage through which much of the world’s oil supply passes, following U.S.–Israeli joint military strikes on Iran.

The announcement, made on Wednesday, did not set out a timeline for the release of oil stocks. However, it added that the oil would be released in appropriate time depending on the circumstances of the 32 member states.

For context, IEA was formed in 1974 to maintain global energy security in response to the 1973 Arab oil embargo. It primarily consists of advanced economies from Europe, North America and Northeast Asia.

Speaking at the organisation’s headquarters in Paris, the IEA Executive Director Fatih Birol said that considering the significant impacts of the conflict in the Middle East on global oil, gas markets, energy security and global economy for oil, “I can now announce that IEA countries have unanimously decided to launch the largest-ever release of emergency oil stocks in our agency’s history.”

The agency holds over 1.2 billion barrels of oil in public emergency reserves, along with around 600 million barrels of industry stocks held under government obligations

Birol said the release would help mitigate immediate effects of the closure of the Strait of Hormuz. 

The normal flow of traffic from the Strait is needed to bring oil and gas flows back to the global market. 





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Lizzo on new music, weight loss journey and ongoing legal battle: "I'm fighting the case"

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Lizzo on new music, weight loss journey and ongoing legal battle: "I'm fighting the case"



Lizzo spoke to “CBS Mornings” co-host Gayle King about releasing her new music amid an ongoing legal battle, her weight loss journey and why she indefinitely put a project on hold last year.



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Taylor Swift causes new uproar for ‘TS13’ after countdown drama

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Taylor Swift causes new uproar for ‘TS13’ after countdown drama


Taylor Swift excites fans with ‘TS13’ clues amid re-recording buzz

Taylor Swift is coming back stronger than a ’90s trend, for her 13th album, and what Swifties refer to as her magnum opus.

The 36-year-old pop superstar was previously reported to have returned to work after the release of her 12th album, The Life of a Showgirl, and latest updates reveal that she has partnered with longtime collaborators for the next project. 

According to the latest tips, the 14-time-Grammy winner is expected to be releasing her 13th studio album in 2027, and Aaron Dessner as well as Jack Antonoff would be returning to the studio with her.

A social media post claimed, “It’s not yet clear, but a Laurel Canyon Sound is expected: 70s soft-rock/alternative rock w/ folk-country influences, very Fleetwood Mac code.”

Swifties flocked to the comments and reacted to the exciting news, with one writing, “As long as it’s her and Aaron Desner, I would be up for that!!”

Another added, “OMGG Fleetwood Mac sound pls!!” and “TS13 is so close omg,” chimed in a third.

While no official announcement has been made so far, a few months ago in an interview Travis Kelce teased that his fiancee had been working on a new sound in the studio.





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Princess Charlotte shows off ‘sporty' Princess Kate trait in latest video

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Princess Charlotte shows off ‘sporty' Princess Kate trait in latest video



Kensington Palace shared a rare glimpse of Princess Charlotte in which she channels her mum’s sporty side as she plays cricket.



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