CANBERA (dpa-AFX) - The International Energy Agency has said that oil reserves from Member countries in Asia-Oceania will be made available immediately.
IEA also said on Sunday that oil stocks from member states in the Americas and Europe will be made available starting from the end of March.
IEA had announced last week that the 32-nation group had agreed to collectively release a record 400-plus million barrel oil from its reserves to ease pressure in the global markets triggered by the escalating Middle East war.
This is the sixth and largest emergency collective action that Member Countries have taken to support oil markets in IEA's history.
According to reports, major IEA member states in the region such as Australia, Japan, South Korea, and New Zealand are implementing plans to make stocks available immediately.
As per IEA data, Asia Oceania has a Government stock of 66.8 million barrels and Obligated industry stocks of 41.8 million barrels.
However, it doesn't appear to have resulted in stabilizing prices so far.
Brent crude is trading around $104 per barrel and US-traded WTI crude oil is trading near $99 per barrel Monday.
Prices have surged more than 50 percent since joint military strikes by the United States and Israel in Iran on February 28, followed by Iranian attacks across the Middle East.
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