The Globe and Mail reports in its Monday, March 16, edition that the International Energy Agency announced that over 400 million barrels of oil from emergency reserves will soon be released to address rising crude prices due to the Iran war. A Reuters dispatch to The Globe reports that oil from Asia and Oceania will be available immediately, while supplies from Europe and the Americas will be accessible at the end of March. Governments will release 271.7 million barrels of oil from stocks, including 116.6 million barrels from industry and 23.6 million barrels from other sources. The bulk of the pledged reserves -- 195.8 million barrels -- are from member countries in the Americas, 172.2 million of that from government stocks, the IEA said. Asia Oceania member countries have committed to contribute 108.6 million barrels, 66.8 million of that from government stocks, and Europe has pledged 107.5 million barrels, including 32.7 million from government stocks. The IEA statement said that 72 per cent of planned releases are in the form of crude oil and 28 per cent are oil products. Iran said on Wednesday the world should be ready for oil at $200 (U.S.) a barrel as its forces continue to hit merchant ships on the strait.