The International Energy Agency announces record breaking reserve of crude oil to be prioritized for release in the Asian market

The International Energy Agency (IEA) has released a statement stating that record breaking reserves of crude oil will be prioritized for release in the Asian market starting from March 16th, in response to oil supply disruptions caused by the Middle East conflict. The oil supply to Europe and the Americas is expected to be delayed until the end of March. The IEA pointed out that the Middle East conflict has blocked the crucial Strait of Hormuz waterway, and the global oil market is facing serious supply disruptions. The statement shows that approximately 72% of the total amount of oil promised to be released is crude oil, and 28% is petroleum products. Director Birol emphasized that opening the Strait of Hormuz is crucial for restoring oil circulation.