IEA announces release of 400 million barrels of oil. But is it enough?

Al JazeeraEN 6 min read 100% complete by Yashraj SharmaMarch 13, 2026 at 02:08 PM

AI Summary

long article 6 min

In March 2026, the International Energy Agency (IEA) announced the release of nearly 400 million barrels of oil from its strategic reserves, the largest release in its history. This action was taken in response to a significant supply disruption caused by the war between the United States, Israel, and Iran, which began in late February 2026. Iran's retaliatory strikes, including the closure of the Strait of Hormuz, a critical oil supply route, drove crude prices above $100 per barrel. The IEA, comprised of 32 member nations, aims to stabilize volatile energy markets with this release, which represents one-third of its total government reserves. The agency believes the current crisis surpasses the impact of the 1991 Gulf War and the 2022 Russian invasion of Ukraine on global oil markets.

Key Entities & Roles

Key Player Opposition Context

Oman 30% Ayatollah Ali Khamenei 30% Ukraine ×240% Gulf War ×250% Tehran ×360% Israel ×270% United States ×270% Iran ×580% Strait of Hormuz ×485% International Energy Agency ×490%

Keywords

oil reserves 90% iea 80% oil market 70% strait of hormuz 70% war on iran 60% supply disruption 60% energy markets 50% crude prices 50% emergency crude 40%