The 32 member countries of the International Energy Agency (IEA) voted unanimously on Wednesday to release 400 million barrels of oil from their emergency reserves into the market. The decision, announced after a brief extraordinary meeting, aims to counteract disruptions in oil markets caused by the war in the Middle East.
IEA Executive Director Fatih Birol said, “The challenges we face in the oil market are unprecedented in scope. Oil markets are global, so responses to major disruptions must be global as well. Energy security is the founding mandate of the IEA, and I am pleased that members are showing strong solidarity and taking decisive joint action”.
Since the outbreak of conflict between Israel, the United States and Iran, the flow of oil through the Strait of Hormuz has been severely impeded. According to the IEA, petroleum exports and refined products now travel at less than 10 percent of the levels seen before 28 February. In 2025, the average daily throughput of crude and petroleum products through the strait was 20 million barrels-about 25 percent of global maritime oil transport. Routes that bypass Hormuz are limited.
The IEA members report that they hold more than 1.2 billion barrels of emergency stock, plus an additional 600 million barrels of industrial reserves kept under government mandates. This coordinated release marks the sixth such action in the IEA’s history, following similar measures in 1991, 2005, 2011, and twice in 2022.
