The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations.
Yet prices remain relatively high thanks to supply cuts by Saudi Arabia and Russia, with the IEA also warning it was beginning to see signs of demand destruction. But gasoline deliveries in the United States also hit a two-decade low, the IEA noted, with many advanced nations set to begin seeing drops in demand due to the uptake of electric vehicles.
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