IEA Countries Plan 400 Million Barrel Emergency Oil Release By End Of March

Last Updated:March 15, 2026, 23:50 IST

The International Energy Agency will release 400 million barrels of oil from reserves by March's end to offset losses from the Strait of Hormuz closure.

Member countries of the International Energy Agency have committed to releasing 400 million barrels of oil from emergency reserves by the end of March to help ease disruptions in global oil trade caused by the war involving Iran.

The IEA said the coordinated release is aimed at offsetting supply losses following the effective closure of the Strait of Hormuz, one of the world’s most important energy transit routes.

“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the strait," IEA Executive Director Fatih Birol said.

According to the agency, the United States has committed to release 172 million barrels, making up the largest share of the coordinated action. The remaining volumes will come from the IEA’s other 31 member countries, including major contributions from Europe and Asia-Oceania.

European countries have pledged a combined 107.5 million barrels from government and industry reserves, while Asia-Oceania members are expected to release stocks immediately, the agency said. The barrels from North America and Europe are scheduled to enter global markets by the end of the month.

The coordinated move represents the largest emergency oil release in the IEA’s history. Since the agency was founded in 1974, only five such collective releases have taken place. Two of those occurred in 2022, when energy markets were destabilised following Russia’s invasion of Ukraine and the resulting spike in global oil prices.

The latest action is aimed at stabilising global markets as energy supplies from the Gulf face disruption, with shipping through the Strait of Hormuz significantly affected by the ongoing conflict.

News world IEA Countries Plan 400 Million Barrel Emergency Oil Release By End Of March

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