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Agency's Largest Reserves Release
The International Energy Agency announced that it has released 325 million barrels of strategic oil reserves since March, marking the largest release in the agency’s history. The move aims to support the stability of global energy markets and address supply disruptions caused by tensions in the Gulf region. This amount represents over 80% of the agreement made in March among agency members to implement the largest collective release, following disturbances that led to a rise in oil prices amid tensions in the Strait of Hormuz.
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