IEA to release 400 million barrels of oil from emergency reserves

The 32 member countries of the International Energy Agency have unanimously agreed to release 400 million barrels of oil from their emergency reserves to stabilise global markets disrupted by the war in the Middle East.

The decision follows an extraordinary meeting of IEA member governments convened to assess market conditions amid the war, which has cut exports through the Strait of Hormuz to less than 10% of pre-conflict levels. The Strait typically handles about 20 million barrels per day, or 25% of the world’s seaborne oil trade, Caliber.Az reports via the IEA's statement.

“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” said Fatih Birol.

He added that energy security is the IEA’s founding mandate and praised member solidarity.

The release will be timed according to each country’s circumstances and may be supplemented by additional measures by some members. This marks the sixth coordinated stock release in IEA history, following previous actions in 1991, 2005, 2011, and twice in 2022.

The IEA said it will continue to monitor global oil and gas markets and provide guidance to member governments as needed.

By Sabina Mammadli