PNN – As concerns grow in the West about the economic consequences of the US and Israeli military aggression against Iran and the rise in oil prices on global markets, the British government announced that it would release 13.5 million barrels of its emergency oil reserves into the market as part of coordinated action by member countries of the International Energy Agency.
The UK Department of Energy Security announced in a statement that London, along with other member countries of the International Energy Agency, have decided to release part of their strategic oil reserves to the market to curb price volatility and prevent disruptions to global supply.
Based on this decision, a total of 400 million barrels of oil from the reserves of member countries will be made available to the market, with the UK’s share being 13.5 million barrels.
The statement said that the aim of this measure is to prevent disruptions in global oil supply and contain price fluctuations; developments that, in light of the escalating insecurity in the region, have raised new concerns about the pressure on the global economy and the livelihoods of households in Western countries.
British Energy Security Minister Ed Miliband said in this regard: With this action, the UK is working alongside its international allies to counter disruption in oil markets.
He added: The London government is examining the implications of recent developments in the energy market and is trying to prevent price shocks through cooperation with international partners.
This comes while British officials have warned in recent days about the economic consequences of a war against Iran.
British Prime Minister Keir Starmer previously acknowledged that the continued conflict in the Middle East is likely to affect the cost of living in Britain and that the government is assessing the economic consequences of these developments.
British Finance Minister Rachel Reeves also warned, referring to the volatility of energy markets, that escalating tensions in the region could increase inflationary pressures and affect household living costs and business activity.
Statistical data also shows that 74% of British people are concerned about the consequences of war on their economy and livelihoods.
Nearly half of the country’s people also oppose the US and Zionist military aggression against Iran.