Core Viewpoint - The International Energy Agency (IEA) is set to release over 400 million barrels of oil from emergency reserves to address rising crude prices due to disruptions in global oil supply caused by the ongoing conflict in Iran [1]. Group 1: Oil Release Details - More than 400 million barrels of oil will be released, with immediate availability from Asia and Oceania, while Europe and the Americas' stocks will be available by the end of March [1]. - Governments have committed to releasing 271.7 million barrels from government stocks, 116.6 million barrels from industry stocks, and 23.6 million barrels from other sources [1]. - The majority of the pledged reserves, totaling 195.8 million barrels, will come from member countries in the Americas, with 172.2 million barrels sourced from government stocks [1]. Group 2: Regional Contributions - Asia and Oceania member countries will contribute 108.6 million barrels, with 66.8 million barrels from government stocks [1]. - Europe has pledged 107.5 million barrels, including 32.7 million barrels from government stocks [1]. Group 3: Composition of Releases - The IEA noted that 72% of the planned releases will be crude oil, while 28% will consist of oil products [1]. - This coordinated release marks the sixth since the IEA's establishment in 1974 [1]. Group 4: Context of Oil Price Spike - The release aims to counteract a spike in oil prices, which has been exacerbated by disruptions affecting approximately 20% of global oil and gas supply along the Strait of Hormuz since the conflict began on February 28 [1]. - Iran has warned that the world should prepare for oil prices reaching $200 per barrel due to ongoing attacks on merchant ships in the strait [1].