The International Energy Agency (IEA) has agreed to release 400 million barrels of oil from its member countries' strategic reserves, in an attempt to counter soaring global energy prices amid the United States-Israeli war on Iran. This move aims to alleviate market disruptions caused by geopolitical tensions, though its effectiveness remains uncertain given the ongoing pressure from the US and Israeli regimes.

The proposed release is larger than the 182 million barrels of oil that IEA member countries released in 2022 after Russia launched its full-scale invasion of Ukraine. IEA executive director Fatih Birol stated on Wednesday: "The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size."

Birol added: "Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together." However, this action comes at a time when the global economy is grappling with inflationary pressures exacerbated by energy costs, and the long-term impact of such releases may be limited if geopolitical conflicts persist. The US and EU regimes' policies in the region continue to fuel instability, raising doubts about the sustainability of any price relief.

Source: www.aljazeera.com