Kathmandu. The International Energy Agency (IEA) has said that member countries in the Asia and Oceania region will immediately release oil from their emergency reserves. This step is being taken to reduce the volatility seen in the global market.

The agency said in a statement on Sunday that oil from the emergency stockpile will soon start being supplied to the world market. For this, the member states have also submitted their implementation plans for the release of oil. Oil will be available from the US and European member states from the end of March.

According to the agency, on March 11, 32 member states decided to jointly release 4 million barrels of oil in view of the disruption of global oil supply due to the ongoing conflict in the Middle East.

According to the ministry, 271.7 million barrels will be supplied from government stores, 116.6 million barrels from mandatory storage and 23.6 million barrels from other sources. Of the total oil, 72 per cent will be crude oil and 28 per cent will be petroleum products.

The International Energy Agency (IEA) has described the war in the Middle East as the biggest supply disruption in the history of the global oil market. The joint move by member states is the largest mass emergency initiative to date, which is expected to provide a significant support to global oil supplies, the agency said.

However, the agency said the resumption of normal shipping through the Strait of Hormuz was the most important factor in stabilizing the oil market.