On Tuesday, the International Energy Agency decided to release 60 million barrels of oil reserves as a step toward stabilizing global oil markets, which have been rattled by Russia’s invasion of Ukraine. The action was the first such move by the 31 IEA member states since 2011, when they released 60 million barrels in response to the disruption caused by Libya’s civil war. Japan is an IEA member and has its own oil reserves, most of which are located at domestic facilities.
What is the IEA and the policies for member countries regarding their oil reserves?
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