International Energy Agency reveals volume of oil reserves released

The International Energy Agency announced on Saturday that member states have released a total of 325 million barrels of crude oil and petroleum products from strategic reserves so far, out of 400 million pledged in March following the outbreak of war in the Middle East. This development comes a day after G7 nations, in agreement with the agency, approved the immediate release of 100 million barrels of crude oil and diesel fuel to alleviate concerns regarding global energy supplies resulting from the war's fallout. Notably, the G7 did not clarify whether the 100 million barrels include the remaining 75 million from the previous pledge or constitute an addition to it.