Global oil markets are poised to receive a substantial influx of supply as the International Energy Agency (IEA) prepares to release emergency reserves. Member countries have committed to making 411.9 million barrels of oil available, according to the agency.
The IEA stated that governments have pledged 271.7 million barrels from their existing stockpiles, with an additional 116.6 million barrels coming from industry-held reserves earmarked for emergencies, and a further 23.6 million barrels from other sources. This move comes amid concerns over supply disruptions and price volatility in the energy sector.
Approximately 72% of the released volume will be crude oil, while the remaining 28% will consist of refined petroleum products. The agency noted that reserves held by nations in Asia and Oceania will be immediately accessible, while those from Europe and the Americas are expected to grow available by the end of March.
The decision to tap into strategic reserves underscores the IEA’s commitment to stabilizing global energy markets. In 2022, the agency oversaw the release of 182.7 million barrels over two months following Russia’s invasion of Ukraine, marking the largest release in its history, as reported by MC Doualiya. This latest action represents another significant intervention aimed at mitigating potential price shocks.
The IEA’s move follows a recommendation on March 11, 2026, to withdraw 400 million barrels of oil in an effort to curb sharp increases in oil prices driven by the ongoing conflict between the United States, Israel, and Iran, as detailed in Al Jazeera. The release received unanimous support from the agency’s 32 member countries, with the timing of the release to be determined subsequently.
According to Aawsat, the executive steps for the decision made on March 11th have now been announced. The move was also discussed at a meeting of leaders from the Group of Seven industrial nations, chaired by French President Emmanuel Macron.
