IEA Ready to Stabilize Global Oil Market Amid Iran War

The International Energy Agency is ready to help stabilize the global oil market in the wake of the Iran conflict, noting that member countries hold over a billion barrels in emergency stockpiles, according to a document prepared by the agency and seen by Bloomberg News.

While oil production in the region remains largely unaffected by the war, flows through the Strait of Hormuz — as well as production of liquefied natural gas — have been “significantly impacted,” the IEA said in the March 2 document. The agency coordinates global releases of oil inventories during times of market disruption.