IEA coordinated release (2011)
IEA members released 60 million barrels of oil to offset the loss of Libyan supply during the civil war. It was the first coordinated release in the agency's history.
Oil prices fell about 5% in the days after the announcement.
The release showed the IEA could act collectively, but it was a one-off response to a specific supply shock.
Like the 2011 release, today's action is a coordinated response to a supply disruption. The difference: this time the disruption is broader, hitting diesel specifically.
