Paris, March 11 (QNA) – International Energy Agency (IEA) announced Wednesday that it has approved the release of 400 mn barrels of oil from its reserves, in the largest move of its kind in its history, to curb crude oil prices, which have sharply spiked as a result of supply disruptions caused by the war in the Middle East.

In a statement, IEA said the decision to draw from the stockpiles received unanimous approval from its 32 member countries in order to prevent further increases in oil prices, amid concerns that the military escalation in the Arabian Gulf region could continue to disrupt the arrival of Middle Eastern oil exports to markets.

For his part, Executive Director of IEA, Fatih Birol, said the challenges unfolding in the oil market are unprecedented, as the agency is pleased that its member countries have responded with an emergency collective action that has been the largest ever.

The agency noted that the emergency stockpiles will be made available to the market over a period of time that corresponds to the circumstances of each member country, adding that this will be complemented by additional emergency measures by some countries.

Oil prices rose by nearly 4% today, as fears intensified over supply disruptions following new attacks on ships in the Strait of Hormuz. (QNA)