00:00It's Benzinga bringing Wall Street to Main Street.
00:02The International Energy Agency agreed Wednesday to release 400 million barrels of oil to address
00:08supply disruptions caused by the Iran war, according to CNBC. The move marks the largest
00:13emergency stock release in the organization's history. The IA said its 32 member countries
00:18will release reserves on timelines suited to their national circumstances. The action follows a
00:23shutdown of tanker traffic through the Strait of Hormuz after attacks on vessels near the waterway.
00:28The International Energy Agency is composed mainly of advanced economies in Europe,
00:33North America, and Northeast Asia, and is responsible for maintaining global energy security.
00:38It was created in 1974 after Arab oil producers imposed an embargo following U.S. support for
00:44Israel in the 1973 Arab-Israeli War. Roughly 20% of global oil and gas normally passes through the
00:52Strait. For all things money, visit Benzinga.com.
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