FLASH
Shkruar nga Pamfleti
The International Energy Agency (IEA) has recommended the largest-ever release of strategic oil reserves by its member countries, in response to the dramatic rise in oil prices as a result of the war between the US, Israel and Iran. The 32 IEA member countries agreed to release 400 million barrels of oil from emergency reserves.
This is a significant intervention by the International Energy Agency, but releasing a third of the reserves held by its governments is not something it can repeat often.
Those 400 million barrels of oil is roughly as much as the world uses in four days, or as much as, under normal circumstances, flows through the Strait of Hormuz in 20 days.
It is a signal of intent from the 32 governments that make up the IEA that they want to limit the shockwaves in the global economy.
However, they remain at the mercy of the markets and energy traders appear to have ignored the intervention. The IEA described the “oil market challenges” as “unprecedented in scale”, the kind of language that normally implies higher prices.
There was a small drop in oil prices as the announcement was made, but prices quickly rose again because it remains unclear when the fighting will end and when oil supplies, rather than stockpiles, will flow freely again.
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