International Energy Agency to release 400 million barrels of emergency oil reserves

The International Energy Agency (IEA) has announced that it will carry out the largest release of oil reserves to date following the rise in oil prices caused by the war in the Middle East.

In a statement released by the IEA, it was stated, "The 32 member countries of the IEA have unanimously agreed to release 400 million barrels of oil from their emergency reserves to address oil market disruptions caused by the war in the Middle East."

The institution's decision to intervene in the market was taken following an extraordinary meeting of IEA member governments held yesterday by IEA Executive Director Fatih Birol to assess market conditions and discuss options against supply disruptions.

The IEA stated that the release of oil to the market will be carried out within a timeframe appropriate to each member country's national conditions. The IEA noted that details regarding how the joint action agreed upon by member countries will be implemented will be announced in the coming period. The institution also expressed that global oil and natural gas markets will continue to be closely monitored.

"The challenges we face in the oil market are of an unprecedented scale"

IEA Executive Director Fatih Birol said, "The challenges we face in the oil market are of an unprecedented scale. Therefore, I am very pleased that IEA member countries have responded to this situation with an emergency joint intervention of unprecedented size."

Birol stated, "Oil markets are global. Therefore, the response to major disruptions must also be global. Energy security is the founding mission of the IEA, and it is gratifying that member countries are acting decisively together and showing strong solidarity."

Birol expressed that the situation has significant effects, particularly on jet fuel and diesel supply, and that the situation in natural gas markets is very challenging. Stating that the current reserve release aims to provide emergency relief, Birol also said that they are calling for the resumption of ship traffic through the Strait of Hormuz.

IEA members hold 1.8 billion barrels of oil reserves

IEA members currently hold 1.2 billion barrels of oil in public stocks and an additional 600 million barrels in mandatory commercial stocks.

The coordinated reserve release to the market will be the sixth intervention in the history of the IEA, which was established in 1974. Previous interventions occurred once each in 1991, 2005, and 2011, and twice in 2022. In 2025, the Strait of Hormuz was used for approximately 25 percent of global seaborne oil trade.

News Source: 12punto