00:00a unanimous vote by the IEA is 32 members to make a joint effort to get
00:06oil flowing around the globe 400 million barrels of oil available I repeat 400
00:14million barrels of oil available to the market the International Energy Agency
00:20was created in the wake of the 1970s Arab oil embargo to shield the global
00:25economy from major shocks its members hold emergency stockpiles of over 1.2
00:30billion barrels some countries like Japan and Germany had already pledged to
00:34tap into theirs previous collective releases happened in 1991 2005 2011 and
00:42twice in 2022 the latest volume will be more than double the 182 million barrels
00:48released in response to Russia's full-scale invasion of Ukraine to give you an
00:54idea that represents about 20 days worth of oil exports through the Strait of
00:58Hormuz it's significant the world consumes about 100 million barrels of oil every
01:05day wild swings in a global crude market over the past few days have caused prices
01:10to spike from petrol stations to shipping to air travel that's sort of the first
01:15port of call where we see the impacts but then obviously residual impacts as well
01:19through the cost of production the cost of electricity which could filter through
01:25into the consumer as gas supplies are also choked off Saudi Arabia has been
01:30rushing to reroute its crude through a pipeline to export from the Red Sea but
01:35options for oil flows to bypass the Strait of Hormuz are limited with storage
01:39space running out operators across the region have been forced to reduce production
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