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IEA announces record 400-million-barrel release of oil to address Iran war supply disruption
The International Energy Agency and 32 member countries will release 400 million barrels from strategic reserves to ease the largest supply disruption since 1974.
- The International Energy Agency member countries agreed to collectively release a record 400 million barrels of oil from their reserves due to supply disruptions caused by the US-Israeli conflict affecting the Strait of Hormuz.
- The Strait of Hormuz closure has blocked roughly 18 to 20% of global seaborne crude and natural gas, causing a shortfall of about 16 to 18 million barrels per day and leading to soaring global energy prices by over 25% since the conflict began.
- The IEA has not specified a timeline or daily release amounts for the full 400 million barrels, indicating a gradual distribution based on member countries' circumstances and total emergency stocks held.
- Experts warn that oil price relief will be limited without the safe reopening of the Strait of Hormuz, as refining bottlenecks and blocked Gulf exports restrict supplies of diesel, jet fuel, and fuel oil.
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496 Articles
The Herald Scotland
Iran conflict creating ‘largest oil supply disruption in history’, says IEA
It came as oil prices lifted higher again on Thursday as Iran continued to strike key energy and shipping infrastructure in the Middle East.
World faces largest-ever oil supply disruption due to Middle East war
LONDON, United Kingdom – The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency (IEA) said on Thursday, March 12, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices. Global supply is expected to drop by 8 million barrels per day (bpd) in March, the IEA said in its latest monthly oil market report — a volume equal to alm…
Middle East oil shock is ‘largest supply disruption’ in history, IEA says
Iran launches new wave of attacks; Strait of Hormuz – through which a fifth of global crude passes – effectively shut down; Oil prices soar, trading above US$100; International Energy Agency bemoans "largest supply disruption in history of global oil market.”
This measure, announced on Wednesday by the International Energy Agency, comes at a time when the Gulf countries have reduced their oil production by at least 10 million barrels a day, the "most significant disruption" in the supply of black gold in history.
According to the International Energy Agency IEA, the Iran War is an unprecedented disruption of oil supply. It is the largest of its kind in history, writes the IEA in its monthly oil market report.
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