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New Delhi/Paris: Amidst the ongoing fierce war in the Middle East and the chaos caused by supply chain breakdown, the International Energy Agency (IEA)IEA) has taken the biggest step in history. To control prices in the global oil market and overcome the supply crisis, the IEA has drawn from its emergency reserves. 400 million (40 crore) barrels An unprecedented decision has been taken to release crude oil. India, as an active partner, has strongly supported this decision.
The biggest ‘oil release’ in the history of IEA
The Paris-based organization announced on Wednesday (March 11) that it would release such a large amount of oil from its member countries’ reserves to maintain market stability. The move also surpasses the record of 182.7 million barrels released during the Russia-Ukraine war in 2022.
Executive Director of IEA fatih birol Said, “The challenge we face in the oil market is of enormous scale. Member States have responded with an unprecedented collective action.” However, the details of the speed and location at which the oil will be released have not been shared yet.
India’s stance: ready to take every possible step for stability
India’s Ministry of Petroleum and Natural Gas has welcomed this decision of IEA by issuing an official statement. “As an associate member, India appreciates this decision amid the current disruptions in supplies,” the ministry said. New Delhi has clarified that the government is closely monitoring the situation in the Middle East and is fully prepared to take appropriate measures as required to keep the global markets stable.
Support of G7 countries and leadership of Japan
This historic decision was accepted by all 32 member countries of the IEA and G7 The countries have unanimously approved. Countries like Germany, Japan and Australia have already announced to start using their reserves.
Japan’s Initiative: prime minister of japan Sanae Takaichi have announced that their country will be closed from March 16 for approx. 80 million barrels Will play a leading role in this campaign by releasing fuel.
Why was there a need for such a large repository?
The war in the Middle East is threatening crude oil production and sea routes (such as the Strait of Hermos). Oil producing countries began reducing production due to storage shortages and logistics challenges, causing global fuel prices to skyrocket. According to IEA, with the arrival of this 400 million barrels of oil in the market, there is full hope that the prices will fall and the supply will become smooth.