The International Energy Agency (IEA) says its member countries continue to hold more than one billion barrels of emergency oil reserves despite carrying out the largest coordinated release of strategic crude stocks in its history.

The agency disclosed that about 290 million barrels of oil have been released since the emergency drawdown was announced on March 11. It noted that the remaining stockpiles are sufficient to respond to further disruptions in global oil supply if necessary.

The record release was approved after crude prices surged following the escalation of the conflict involving the United States, Israel and Iran, with the aim of easing pressure on global energy markets and improving supply.

Oil prices traded slightly higher on Tuesday as investors weighed reports of diplomatic efforts to ease tensions against renewed attacks involving the United States and Iran, as well as threats by Yemen’s Houthi movement to disrupt shipping linked to Saudi Arabia.

IEA Executive Director Fatih Birol said oil exports from the Gulf remain below the levels recorded in late June but are still well above those seen between early March and mid-June.

The agency also highlighted weaker demand from China, reporting that the country’s crude oil imports fell 41.3 per cent in June to their lowest level in nearly a decade, reflecting slowing consumption in the world’s largest crude importer.