Member countries of the International Energy Agency (IEA) on March 11 agreed to release 400 million barrels of crude oil from their strategic reserves in an effort to stabilize global energy markets.

The coordinated move represents the largest withdrawal from emergency reserves in history, as governments respond to a sharp rise in global energy prices and mounting concerns over supply pressures.

Following the announcement, global oil prices trimmed earlier gains, signaling an immediate market reaction to the anticipated increase in supply.

With worldwide crude demand estimated at roughly 100 million barrels per day, the planned release is expected to cover approximately four days of global consumption.