The Largest-scale Oil Reserve Release Plan

 The International Energy Agency announced on the 11th that 32 member countries have unanimously agreed to release 400 million barrels of oil from their emergency reserves into the market to address the disruptions in the oil market caused by the conflict in the Middle East

  "The challenges we face in the oil market are unprecedented in scale, so I am very pleased that the IEA member countries have taken unprecedented emergency collective action." "Fatih Birol, the executive director of the International Energy Agency, stated: 'The oil market is global, so the response to major disruptions must also be global.'" Energy security is the founding mission of the IEA, and I am pleased that the IEA members have shown strong unity and taken decisive action together. "

  It has been 12 days since the United States and Israel launched a military strike on Iran, and there is no sign that the conflict, which has affected several Gulf oil-producing countries, is abating The Strait of Hormuz carries approximately 20 million barrels of crude oil per day, accounting for about 20% of global supply.

  At the beginning of this week, the price of Brent crude oil surged to nearly $120 per barrel, although it later dropped to around $90. Compared to the beginning of the year, its price has still increased by about 50%. Global daily oil consumption is slightly above 100 million barrels, and the four major crude oil exporting countries in the Gulf region-Saudi Arabia, Iraq, the UAE, and Kuwait-have reduced production by 6.7 million barrels per day, leading to a 6% decrease in overall global oil supply. Saudi Aramco CEO Amin Nasser warned on the 10th that continued disruptions in shipping could have a "catastrophic" impact on the global oil market.