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IEA Releases Emergency Oil Stocks to Asia Immediately and to West by March End
The IEA coordinated the largest emergency oil stock release of about 400 million barrels to offset Middle East supply disruptions affecting a fifth of global flows.
- On March 15, the International Energy Agency said strategic reserves will be released immediately in Asia and Oceania and from the end of March in the Americas and Europe after receiving member countries' plans.
- Responding to the Middle East war, the IEA said Iran has effectively blocked the Strait of Hormuz since February 28, 2026, prompting a March 11, 2026, oil stockpile release.
- On volumes, the IEA detailed governments of 32 IEA member countries committed 271.7 million barrels from government stocks, 116.6 million from industry-obligated stocks, and 23.6 million from other sources, with Asia Oceania pledging 108.6 million and Europe 107.5 million.
- Analysts say so far the announced releases have not significantly reduced prices around $100 a barrel, and some oil traders and analysts warn the plan may provide only temporary relief while watching supply timing.
- Fatih Birol, IEA Executive Director, said reopening the Strait of Hormuz and ensuring adequate insurance are key to stable flows, while Iran warned of oil at $200 a barrel.
102 Articles
102 Articles
According to the head of the World Energy Organization, it will take time for the market to recover from the Strait of Hormuz crisis.
The executive director of the International Energy Agency (IEA), Fatih Birol, said that the agency is ready to inject more crude oil if necessary. “This current release of stocks, once completed, will reduce the reserves of the IEA countries by only about 20%,” he said through a televised statement and added that there are still over 1,400 barrels left, “which means that we can do more (liberations) later, as necessary.” The statement occurs aft…
IEA members could release more oil stocks ‘as and if needed,’ agency chief says
Member countries of the International Energy Agency could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
In order to contain the rise in oil prices associated with the war in the Middle East, the International Energy Agency (IEA) indicated that the release of strategic stocks would begin "immediately" in Asia and Oceania.
IEA releases details of historic oil reserves release member shares
The International Energy Agency released details of the contribution by members to the “largest release of oil reserves in history” that it announced on March 11 to calm the oil market and bring down prices.
IEA Emergency Oil to Be Released to Markets in Asia, Ocenia First; America, Europe to Get Stock by March End
Get latest articles and stories on Business at LatestLY. The IEA oil reserve is designed to protect the world economy from sudden oil supply shocks. It is not one single giant tank, but a coordinated system of stockpiles held by individual member countries. IEA member countries sell their reserve oil to refineries and traders on the open market. By adding 400 million barrels of supply to the global market, the IEA is trying to prevent prices fro…
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