The 32 member countries of the International Energy Agency (IEA) have agreed to release 400 mbl of oil from their emergency reserves to ease market disruptions caused by the war in the Middle East (IEA, 11/03/2026). The global effort represents around 26 days of crude normally shipped through the Strait of Hormuz
Member countries will release the reserves based on their national circumstances, with some also adopting additional emergency measures. The United States will take a lead role by providing 172 mbl. Japan is set to release 80 mbl from government and private reserves. South Korea expects to add 22.5 mbl, while Germany is set to make 19.5 mbl available. Finally, the UK plans to supply 13.5 mbl from its emergency stocks.
The conflict sharply reduced oil flows through the Strait of Hormuz, which previously carried about 20 mb/d, representing around 25% of global seaborne oil trade. The IEA collectively holds more than 1.8 billion barrels in government and industry stocks. This marks the sixth coordinated stock release in the agency’s history, following similar actions in 1991, 2005, 2011, and twice in 2022.
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