2026-03-11
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Could releasing 400 million barrels of oil reserves bring down the prices of the pumps?
It's World Business Express from the BBC World Service.
I'm Leanna Byrne.
Why are diesel prices higher than petrol right now and inflation in the US hold steady?
400 million barrels.
That is the amount of oil countries which are members of the International Energy Agency will release from their reserves.
Here's the IEA executive director, Faith Bierl.
IEA countries have unanimously decided to launch the largest ever release of emergency oil stocks in our agency's history.
Now that record release of oil from reserves comes as governments seek to contain a spike in energy prices driven by the US-Israel war in Iran.
Our reporter Jonathan Josephs is covering this one.
Leanna, it's certainly a significant intervention for the International Energy Agency,
but 400 million barrels of oil is roughly what the world uses over the course of four days in normal circumstances.
It's what before this war was flow through the Strait of Hormuz in about 20 days.