This decision must "send a united and strong message to world oil markets that there will be no shortage of supply resulting from the Russian invasion of Ukraine", writes the IEA in a press release.
The IEA, based in Paris, was founded in 1974 to ensure the security of supply of developed countries following the oil crisis, a mission which has since expanded.
It has 31 members, including the United States, Japan and many European countries (Germany, Spain, France, Italy, United Kingdom, etc.)
Each country is required to hold emergency oil reserves equivalent to 90 days of imports.
In the event of a supply problem, they can decide to release these stocks on the market within the framework of a coordinated action.
Member countries have a total of 1.5 billion barrels.
Tuesday's announcement covers the equivalent of 4% of these reserves, or 2 million barrels per day for 30 days.
Oil prices, which were already on an upward trend, soared with the invasion of Ukraine by Russia, one of the biggest players in the oil market.
They are currently over $100.
This type of intervention by the countries of the IEA has already taken place three times in the past: at the approach of the Gulf War in 1991, after the destruction of oil installations by hurricanes in the Gulf of Mexico in 2005 and during supply disruptions caused by the Libyan civil war in 2011.
The IEA indicates that it will continue to monitor the oil markets and will recommend, if necessary, to its member countries the use of "additional" quantities of oil from the emergency reserves.
© 2022 AFP