IEA Agrees to Release Record 400 Million Barrels From Emergency Reserves to Stabilize Markets

The International Energy Agency on Wednesday agreed to release 400 million barrels from member countries’ emergency reserves — the largest coordinated release in the agency’s history.

“The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization's history”

CNBC

The unanimous decision by its 32 members is intended to calm markets amid the Middle East crisis.

CNBC

The decision was driven by acute supply disruptions linked to the Iran-related fighting.

Attacks on commercial shipping and other strikes have effectively halted flows through the Strait of Hormuz, prompting fears of a sharp price spike and spurring the coordinated intervention.

India Today

IAE officials and member governments have not yet specified the pace, duration or the crude/product split of the releases.

“International Energy Agency agrees to record release of emergency oil reserves March 11, 2026 | Associated Press The International Energy Agency (IEA) has agreed to a record release of emergency oil reserves to address the ongoing global energy crisis”

Indianapolis Business Journal

Several countries have outlined planned contributions — Japan said it would release about 80 million barrels, the UK 13.5 million, Germany about 19.5 million, France as much as 14.5 million and South Korea 22.5 million.

The timing will be organised in coming days and left "appropriate to the national circumstances" of each member.

Markets reacted sharply: oil briefly jumped toward $120 a barrel before softening after the announcement.

IEA executive director Fatih Birol warned that restoring transit through the Strait of Hormuz remains the most important factor for market stability.

News.az

Major producers have deepened voluntary output cuts.

Analysts cautioned the releases may only partly offset losses.

“The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization's history”

News.az

Traders gave a wide range for how quickly barrels could reach markets, commonly 1.2–4 million barrels a day.

PBS

The U.S. Strategic Petroleum Reserve’s max drawdown is limited and takes time to reach the market, and one bank estimated Persian Gulf supply losses of 11–16 million barrels per day.