IEA Announces Historic Release of 400 Million Barrels from Strategic Oil Reserves
The move aims to stabilize global energy markets and counter surging oil prices amid supply disruptions from the U.S.-Israel conflict with Iran, which has effectively closed the Strait of Hormuz.
The International Energy Agency (IEA) on March 11, 2026, announced that its member countries would release 400 million barrels of crude oil from strategic reserves, marking the largest such action in the organization's history.
The move aims to stabilize global energy markets and counter surging oil prices amid supply disruptions from the U.S.-Israel conflict with Iran, which has effectively closed the Strait of Hormuz. This release doubles the 182 million barrels coordinated in 2022 following Russia's invasion of Ukraine.
IEA Executive Director Fatih Birol described the decision as an "unprecedented" response to the worst energy market disruption in decades, emphasizing the need for resumed transit through the strait for long-term stability. The reserves, held by 31 member nations including the United States, total about 1.8 billion barrels.
While the IEA includes G7 countries, which had initially decided against releases on March 9, the coordinated effort now proceeds with unanimous agreement. U.S. participation remains to be confirmed, according to some reports.
Oil futures steadied around the mid-$80s per barrel following the announcement, as markets assess its impact on global supplies.