IEA proposes release of 400m barrels of oil from strategic reserves

DEVELOPING STORY, IEA agrees release of 400m barrels of oil from strategic reservesProposed release is larger than the 182 million barrels of oil IEA ​members released after Russia invaded Ukraine in 2022.Published On 11 Mar 2026|Updated: 2 minutes agoThe International Energy Agency has agreed to release 400 million barrels of oil from its members’ strategic reserves, in an attempt to counter soaring global energy prices amid the Iran" class="entity-link entity-event" data-entity-id="39384" data-entity-type="event">United States-Israeli war on Iran.The proposed release is larger than the 182 million barrels of ⁠oil that IEA member ⁠countries released in 2022 ⁠after Russia launched its ⁠full-scale invasion ⁠of Ukraine.Recommended Stories list of 3 itemslist 1 of 3Could Trump ‘take over’ the Strait of Hormuz as oil prices rise?list 2 of 3IEA holds talks as member states mull releasing oil reserves amid Iran warlist 3 of 3Oil prices swing wildly amid mixed messages over Iran warend of list“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” said IEA executive director Fatih Birol in a statement on Wednesday.“Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production,” Birol said. “And we have seen further attacks and damage to energy and energy-related infrastructure. Refinery operations have also been disrupted, with major implications for jet fuel and diesel supplies in particular.”IEA member countries hold more than 1.2 billion barrels of emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.Since the US and Israel launched their war on February 28, Iran has effectively closed the Strait of Hormuz, a crucial shipping route for oil produced by Gulf States. About a fifth of global oil supplies transit the waterway.In response to the US and Israeli attacks, Iran has also targeted oil fields and refineries in Gulf Arab states, aiming at generating enough global economic pain to pressure the US and Israel to halt the war.