PARIS: In an effort to alleviate the current oil shortage plaguing the global market due to the closing of the Strait of Hormuz, the International Energy Agency (IEA) has decided to release 400 million barrels of oil from its emergency oil supplies. This is the largest emergency oil release in IEA history, with all 32 of the IEA member countries supporting this initiative.
According to IEA Executive Director Fatih Birol, “The difficulties in the oil market are without precedent, and this release will provide relief to the oil supply in the market.” The oil will be made available to the member countries according to their own national needs, which will provide stability to the market.
This is the sixth time the IEA has decided to release oil from its emergency oil supplies. The IEA has made emergency oil releases in 1991, 2005, 2011, and twice in 2022.
The move comes at a time when there has been a disruption of oil supply across the globe owing to the closure of the Strait of Hormuz, an important route through which oil is transported. There has been a hike in oil prices across the world owing to this disruption.
Earlier today, there was a threat issued by an Iranian commander to the US, to be prepared to face more attacks at the Strait of Hormuz.
Trump: Nothing left to target in Iran, war is almost over
Earlier, US President Donald Trump has claimed significant success and superiority in the ongoing conflict with Iran, stating that the war can end whenever he chooses.
In an interview, Trump asserted that he holds full control over the situation, adding that the initial estimate for the conflict’s duration was 3 to 4 weeks, but U.S. forces have surpassed expectations. “Everything is in my hands. I can end the war whenever I want,” Trump stated, emphasizing that Iran has little left to target. “Now, practically, there is nothing left to strike in Iran, just some small things,” he added.
Trump said that the war in the Middle East would be over in the next two weeks because the situation is still under control and progress is being made. “This war is going very well. Everything is under control.”
Trump’s words are also echoed by his Press Secretary, Caroline Leot, who said that the original intention for the war was for it to last for four to six weeks, but the objectives are being met sooner than expected.
In the meantime, General Brad Cooper of the US Central Command, through a video message, said that there has been significant damage from the U.S. air and ground operations, but the exact number of casualties and the extent of the damage are still unknown.
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