Italy to release 9 million barrels from oil reserves with IEA members

Italy will contribute with 9 million barrels to a coordinated release of strategic oil reserves, joining other International Energy Agency (IAE) members, a government source said on March 12.

When asked about the timing, the source said "availability was immediate," Middle East Eye reports.

The IEA recommended on March 11 the release of 400 million barrels of oil, the largest such move in its history, to try to restrain soaring crude prices amid the US-Israeli war with Iran.

The global price of oil pushed past $100 a barrel on persistent fear that the war could disrupt energy supplies. The rise came despite a coordinated effort by governments on March 12 to calm markets by pledging to release emergency oil reserves.

By Sabina Mammadli