The country’s Energy and Natural Resources minister, Alparslan Bayraktar, made this known on Thursday.

A national oil stock committee approved the release, which will take place gradually over 90 days, Bayraktar said during a visit to a coal mine in the Black Sea province of Zonguldak.

“We decided to release 11.6 million barrels from our strategic reserves in support of the IEA’s coordinated release of 400 million barrels,” he told reporters.

IEA earlier on Wednesday recommended that members release a combined 400 million barrels from national stockpiles the largest coordinated action in the agency’s history.

According to Executive Director Fatih Birol, IEA, has 32 member countries and 13 association countries representing roughly 75 per cent of global energy demand.

The coordinated release came amid conflict in the Middle East that has drastically reduced oil flows through the Strait of Hormuz including imports from Iran.

Source: dpa/NAN

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“We’ll do that, and then we’ll fill it up,” Trump told news station Local 12 on Wednesday, saying the move would push prices down.

The International Energy Agency, IEA, had earlier announced it would release a record amount of oil onto global markets.

The 32 member countries, including the United States, will release a total of 400 million barrels of crude, according to an IEA statement.

The U.S. Department of Energy said it planned to release 172 million barrels starting next week over a period of roughly four months.

According to the government, the U.S. strategic petroleum reserve is the world’s largest emergency stockpile of crude oil.

It was set up primarily to mitigate the effects of supply crises and meet international obligations.

Source: dpa/NAN

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