CNN
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32 nations release emergency oil reserves; prices still soaring
Posted
March 12, 2026
Views
215,559
Likes
2,144
Comments
1,788
Engagement
1.82%
March 12, 2026
215,559
2,144
1,788
1.82%
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10:35Now PlayingOil prices have stayed high despite 32 of the world’s biggest economies, including the United States, agreeing Wednesday to add 400 million barrels of oil to the global market, the biggest-ever release of emergency oil stocks.
The dramatic move, led by the IEA, is aimed at shoring up crude supplies disrupted by the war in Iran and capping oil price rises. But a near-blockade of the Strait of Hormuz – which is choking off around 15 million barrels of crude oil and 5 million barrels of other oil products from global markets every day – means that the 400 million barrels of crude would be absorbed in just 26 days.
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