The International Energy Agency announces that record crude oil reserves will be prioritized for the Asian market.

The International Energy Agency (IEA) issued a statement saying that record reserves of crude oil will be prioritized for release to the Asian market starting March 16, in order to address supply disruptions caused by the conflict in the Middle East. Oil supplies for Europe and the Americas are expected to be released by the end of March. The IEA pointed out that the Middle East conflict has blocked the critical Strait of Hormuz, causing severe supply interruptions in the global oil market. According to the statement, about 72% of the currently committed oil release is crude oil, while 28% is oil products. Director Birol emphasized that reopening the Strait of Hormuz is essential for restoring oil flow.