March 11, (THEWILL) — The International Energy Agency (IEA) has approved the release of 400 million barrels of oil from emergency reserves of its 32 member countries, a historic move aimed at stabilizing global markets disrupted by the ongoing conflict in the Middle East.
In a statement on Wednesday, the agency said the unprecedented collective action was decided following an extraordinary meeting of IEA Member governments, convened by Executive Director Fatih Birol, to assess market conditions and determine strategies to address supply disruptions caused by the conflict.
“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. Oil markets are global, so the response to major disruptions needs to be global too.
“Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together,” Birol said.
The emergency stocks will be released according to each Member country’s national circumstances, and some nations will supplement the release with additional emergency measures.
IEA members collectively hold over 1.2 billion barrels in emergency stockpiles, with an additional 600 million barrels held under government obligation by industry.
This coordinated release marks the sixth in the IEA’s history, following previous actions in 1991, 2005, 2011, and twice in 2022.
The current crisis erupted on 28 February 2026, when hostilities in the Middle East disrupted oil flows through the Strait of Hormuz, reducing export volumes of crude and petroleum products to less than 10 per cent of pre‑conflict levels.
In 2025, the Strait handled an average of 20 million barrels per day, accounting for about 25 per cent of the world’s seaborne oil trade, leaving limited alternatives for transporting crude supply from the region.
The IEA Secretariat has said it will provide further details on how the collective action will be implemented and will continue to closely monitor global oil and gas markets, offering recommendations to member governments as needed.
The 32 Member Countries of the IEA are: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Republic of Korea, Latvia, Lithuania, Luxembourg, Mexico, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, The Netherlands, Turkey, United Kingdom, and the United States.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
