By SCM REPORTER
BRITISH motorists were handed a massive boost last night as global energy chief International Energy Agency, IEA moved to “break the back” of the fuel crisis by releasing a record-breaking 400 million barrels of oil.
In a dramatic bid to stop the misery at the pumps, the IEA has pulled the trigger on its biggest-ever emergency stockpile release.
The move aims to flood the market with crude and “drown out” the speculators who have sent prices spiraling toward $120 a barrel.
Speaking at a high-stakes press conference, IEA chief Fatih Birol said the “unprecedented” action was a direct response to the chaos currently choking global energy supplies.
He told reporters: “The oil market challenges we are facing are unprecedented in scale. Our response must be equally bold.”
The 400-million-barrel blitz is more than double the amount released during the 2022 Ukraine crisis.
It is designed to act as a massive safety net as the war in the Middle East continues to threaten vital shipping lanes like the Strait of Hormuz.
Experts say the move could knock $10 to $20 off the price of a barrel almost immediately, offering a glimmer of hope for UK families struggling with the cost of living.
One energy insider said: “This is the ‘Big One.’ It’s a clear message to the markets: we won’t let the world run dry.”
The 32-nation plan was agreed upon unanimously, with the UK and US joining forces to tap into their “rainy day” reserves.
While the massive injection of oil won’t fix the conflict in the Middle East overnight, it is expected to provide a vital “buffer” that could prevent fuel rationing and keep Britain moving.
Mr. Birol warned, however, that the world isn’t out of the woods yet, adding: “The most important thing for a return to stable flows is the resumption of normal trade.”
The International Energy Agency was set up in the 1970s to ensure energy security. Its members (including the UK) are required to hold emergency oil stocks equivalent to at least 90 days of net imports.
The Catalyst: Recent conflict in the Middle East has effectively blocked the Strait of Hormuz, a narrow waterway through which 20% of the world’s oil flows daily.
Price Spike: Before this announcement, Brent Crude had surged past $115 per barrel, leading to fears of petrol hitting record highs at UK forecourts.
By releasing 400 million barrels, the IEA aims to offset the roughly 15 million barrels a day currently lost due to the shipping blockade, “buying time” for diplomatic or military solutions.
