Dozens of countries have agreed to release a record amount of oil from emergency reserves in an effort to stabilise global supply and curb soaring prices. All 32 members of the International Energy Agency (IEA), including the United States and the United Kingdom, will release a combined 400 million barrels, as the agency warns of supply disruptions it describes as unprecedented in scale.


The coordinated action comes amid heightened volatility in global energy markets and fears of prolonged supply disruptions linked to ongoing geopolitical conflict. The release is intended to ease pressure on consumers, support global energy security and cushion economies from further shocks.

 


Channel Africa’s Economics Reporter, Innocent Semosa, has more.

Dozens of countries have agreed to release a record amount of oil from emergency reserves in an effort to stabilise global supply and curb soaring prices. All 32 members of the International Energy Agency (IEA), including the United States and the United Kingdom, will release a combined 400 million barrels, as the agency warns of supply disruptions it describes as unprecedented in scale.
 The coordinated action comes amid heightened volatility in global energy markets and fears of prolonged supply disruptions linked to ongoing geopolitical conflict. The release is intended to ease pressure on consumers, support global energy security and cushion economies from further shocks.
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 Channel Africa&rsquo;s Economics Reporter, Innocent Semosa, has more.

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In-depth financial issues, profiling of African businesses doing well internationally, stocks &amp; market updates.