Latvia, Estonia, and Lithuania are coordinating with international partners to release emergency oil reserves in response to instability in global energy markets, officials announced on March 11, 2026.
The move comes after the International Energy Agency (IEA) announced a collective action to make 400 million barrels (approximately 54 million tons) of oil equivalent available to the market. The Baltic states, as members of the IEA, aim to stabilize global oil prices, particularly amid disruptions to international trade routes, especially in East Asia.
Although the Baltic region’s oil supply hasn’t been directly affected, the interconnected nature of global energy markets means the region is vulnerable to broader economic impacts and price fluctuations. Persistent high oil prices are raising concerns for households, businesses, and economies across Europe, including the Baltic states. Given the mutual dependence of the three nations on oil prices, a coordinated response was deemed essential.
Ministers Kaspars Melnis, Abdress Suts (Andres Sutt), Žigimants Vaičiūns (Žygimantas Vaičiūnas) and Viktors Valainis have discussed the IEA’s collective action and support the Baltic states’ participation in releasing oil reserves, in accordance with national procedures and close collaboration to maximize market impact.
“Lithuania, Latvia and Estonia will take national decisions in the next stage regarding the release of emergency oil reserves to the market (determining volumes, timelines and other necessary parameters) to maximize the positive impact on both the market and consumers and effectively manage the current increase in oil prices,” the Baltic states’ energy ministers stated. “A coordinated release of emergency oil reserves will help to limit the rise in oil prices, which is the main short-term goal requiring urgent implementation of all relevant measures.”
The Baltic ministers emphasized the importance of timely international decisions and expressed solidarity with regions impacted by global oil prices, aiming to stabilize prices and effectively respond to challenges. The development underscores the growing importance of international cooperation in addressing energy security concerns.
“At the same time, we express solidarity with the regions where energy security is directly affected and where urgent measures are needed to ensure a continuous supply of fuel. Coordinated international actions, such as the IEA collective action, demonstrate the importance of cooperation and shared responsibility in addressing disruptions in global energy markets and limiting the rise in oil prices at both the regional and national levels,” the ministers added.
The Baltic states also support the IEA’s recommendation to coordinate reserve releases with measures to restore transit through the Strait of Hormuz, including U.S. Actions regarding insurance and military convoys. This highlights the complex geopolitical factors influencing energy security.
The Baltic nations will continue to collaborate with international partners to strengthen energy security, improve market stability, and ensure a reliable energy supply and potentially more competitive prices for consumers.
