IEA Releases 400M Barrels Amid Iran War: Explaining the Global Oil Watchdog

• The International Energy Agency (IEA), headquartered in Paris, was established in 1974 after the 1973 Arab oil crisis to ensure global energy security.
• IEA advises on energy policies, promotes clean energy, provides data, and addresses major oil supply disruptions, now focusing on net-zero emissions.
• It has 32 member countries (India is an associate); members must maintain emergency oil stocks equivalent to 90 days of net oil imports.
• Collectively, member countries hold over 1.2 billion barrels of public emergency stock and 600 million barrels of industry stock.
• Oil is released during severe global supply disruptions, like the current Iran war, through coordinated action; the recent 400 million barrel release is the largest ever.