IEA agrees to release 400M barrels of strategic oil reserves

The International Energy Agency (IEA) has unanimously agreed to release 400 million barrels of strategic oil reserves, NBC News reported, citing an official statement. The move marks the sixth such release in the agency's history and is the largest ever by volume. A specific timeline for the release was not announced. The IEA Secretariat added that it will provide further details on the implementation of the joint action at a later date.