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. On Wednesday, the IEA said that 400m barrels of emergency crude, a third of the group’s total government stockpiles, would be released to help calm the oil price shock triggered by the US-Israel war on
Cargo ships hit in Persian Gulf as nations begin to release oil reserves
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