Oil, Commodities, Petrol prices, Oil and gas companies, Energy industry, Global economy, US-Israel war on Iran, Strait of Hormuz, Middle East and north Africa, Business, Opec, Economics, Iran
Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices
IEA orders largest ever release of stockpiled oil to reduce crude price
How the Iran conflict could affect energy prices – video explainer
When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.
Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.
Continue reading… The Guardian
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