Countries agree to record release of emergency oil reserves as prices surge

BBC News - WorldCenterEN 2 min read 100% complete March 11, 2026 at 03:30 PM

AI Summary

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Dozens of countries have agreed to release a record amount of oil from their emergency reserves to alleviate supply shortages and limit soaring prices. The 32 member states of the International Energy Agency will release 400 million barrels, more than double the previous record amount released following Russia's invasion of Ukraine in early 2022. This move aims to address challenges "unprecedented in scale" caused by the Iran war, which has halted oil exports through the Strait of Hormuz and led to a surge in prices over 25% since the conflict started. The release is part of efforts by IEA member countries to combat global disruptions and maintain energy stability. The move will make more oil available for refineries to order, but experts note that it's not a long-term solution and releasing reserves does not create new oil.

Key Entities & Roles

Key Player Opposition Context

BBC ×250% UK 50% Shell 50% Nick Butler 60% Russia 60% Ukraine 60% BP ×270% Iran 70% Strait of Hormuz 80% International Energy Agency ×490%

Keywords

emergency oil reserves 100% oil prices 90% iea 80% supply shortages 70% oil production 60% energy production 50% strait of hormuz 50% refining capacity 40%