00:01The International Energy Agency said that its member countries have agreed to release oil from its reserves in a response
00:09to the Iran war.
00:10The agency agreed to release 400 million oil barrels, the largest emergency oil distribution in its history.
00:18This is a major action aiming to alleviate the immediate impacts of the disruption in markets.
00:28But, to be clear, the most important thing for a return to stable flows of oil and gas is the
00:37resumption of transit through the Strait of Hormuz.
00:41The decision aims to bring down oil prices amid the ongoing crisis in the Middle East.
00:47Iran has effectively halted cargo traffic through the Strait of Hormuz, through which around a fifth of all oil is
00:55shipped from the Persian Gulf to the Indian Ocean.
00:58Germany, Austria and Japan had already announced they would release parts of their oil reserves as well.
01:04goodbye.
01:05Stop joining us next week.hold
01:05irgendwie Teresa. Daniel
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