March 11 (UPI) -- The International Energy Agency agreed to take emergency action and release 400 million barrels of oil into the market, the coalition announced Wednesday.
The 32 members of the IEA unanimously agreed to tap into their emergency reserves in response to the strain on the oil market from the war in Iran.
"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," Fatih Birol, IEA executive director, said in a statement.
"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."
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