IEA agrees to release emergency oil reserves in effort to calm surging prices

The International Energy Agency has agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the war have had on energy prices (Jordan Pettitt/PA)

The International Energy Agency agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.

The Paris-based organisation said it will make 400 million barrels of oil available from its members’ emergency reserves.