<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The International Energy Agency agreed on Wednesday (Thursday morning AEDT) 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 </span><a href="https://www.9news.com.au/middle-east" rel="" target="" title="Middle East"><span>Middle East</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/paris" rel="" target="" title="Paris"><span>Paris</span></a><span>-based organisation said it will make 400 million barrels of oil available from its members' emergency reserves. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It's a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to </span><a href="https://www.9news.com.au/russia-ukraine" rel="" target="" title="Russia's full-scale invasion of Ukraine"><span>Russia's full-scale invasion of Ukraine</span></a><span>.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/photos-appear-to-show-us-tomahawk-missile-fragments-at-site-of-deadly-iran-school-strike/849ec823-6eb4-40aa-8f5c-7100e040c56b"><strong><span>Photos appear to show US Tomahawk missile fragments at site of deadly Iran school strike</span></strong></a><strong></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production," IEA executive director Fatih Birol said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"And we have seen further attacks and damage to energy and energy-related infrastructure. Refinery operations have also been disrupted, with major implications for jet fuel and diesel supplies in particular."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/petrol-prices-international-energy-agency-agrees-to-record-release-of-emergency-oil-reserves/80752f03-7fe5-4db8-82a6-933452ae3da0" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In response to </span><a href="https://www.9news.com.au/usa" rel="" target="" title="US"><span>US</span></a><span> and </span><a href="https://www.9news.com.au/israel" rel="" target="" title="Israeli"><span>Israeli</span></a><span> strikes, </span><a href="https://www.9news.com.au/iran" rel="" target="" title="Iran"><span>Iran</span></a><span> has attacked commercial ships across the Persian Gulf, escalating a campaign of squeezing the oil-rich region as global energy concerns mount.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran has effectively stopped cargo traffic in the narrow Strait of Hormuz through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean. It has also targeted oil fields and refineries in Gulf Arab nations, aiming at generating enough global economic pain to pressure the United States and Israel to end their strikes.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Germany and Austria said earlier on Wednesday they would release parts of their oil reserves following an IEA request for members to release the record 400 million barrels to help temper energy price spikes due to the Iran war. Japan also said it will release some of its reserves starting on Monday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Group of Seven energy ministers met on Tuesday (Wednesday AEDT) at IEA headquarters in Paris to look at ways to bring down prices. Birol said afterward that they discussed all available options, including making IEA emergency oil stocks available to the market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The IEA reserves were established in 1974 following the Arab oil embargo.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This is a major action aiming to alleviate the immediate impacts of the disruption in markets," Birol added. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The G7 is comprised of the leading industrialised nations of Canada, the United States, France, Italy, Japan, Germany and Britain. Austria is not a member. The group's leaders were set to hold a meeting via videoconference later on Wednesday to discuss energy issues.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The German economy ministry, Katherina Reiche, said the IEA asked Germany to release 2.64 million tons (2.39 million tonnes) of its oil reserves. It was not immediately clear how much Austria was releasing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She said it would take a couple of days before the delivery of the first quantities.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Germany stands behind the IEA's most important principle of mutual solidarity," Reiche said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The G7 energy ministers announced on Tuesday that they supported in principle "the implementation of proactive measures to address the situation, including the use of strategic reserves."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to the IEA, export volumes of crude and refined products are currently at less than 10 per cent of pre-war levels.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: "One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The German government also said it will introduce a measure to allow gas stations in Germany to raise fuel prices no more than once a day. The federal government wants to introduce this as quickly as possible, Reiche said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In Austria, starting on Monday, price increases at gas stations will be allowed only three times a week, the country's economy minister said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>IEA nations have released emergency stocks on five previous occasions: During the 1990-1991 Gulf War, after Hurricane Katrina in 2005, during the Libyan civil war in 2011, and twice after the Russian invasion of Ukraine.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>