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IEA Agrees to Release Record 400 Million Barrels from Strategic Reserves Amid Middle East Unrest
IEA Reaches Agreement on Strategic Oil Reserve Release
The International Energy Agency (IEA) announced on the 11th that its member countries have agreed to jointly release strategic oil reserves in response to crude oil supply issues caused by instability in the Middle East situation. This release, totaling a record 400 million barrels since the IEA's founding, received unanimous agreement from 32 member countries, including Japan. The released oil will be supplied to the market immediately.
Deteriorating Middle East Situation and the Importance of the Strait of Hormuz
The IEA stated that due to the Middle East situation deteriorating since late last month, exports of crude oil and petroleum products passing through the Strait of Hormuz, a critical global energy transport route, have sharply declined to less than 10% of previous levels. IEA Executive Director Fatih Birol welcomed the unprecedented scale of emergency joint action by member countries, while emphasizing that the most crucial factor for restoring stable supply is the resumption of passage through the Strait of Hormuz. This marks the IEA's sixth strategic oil reserve release since its founding in 1974. Previously, approximately 180 million barrels were supplied in two tranches in 2022 following Russia's invasion of Ukraine.
*Source: YouTube: ANNnewsCH (2026-03-11)*
