More than 400 million barrels of oil from emergency reserves coordinated by the International Energy Agency (IEA) will begin entering global markets as governments attempt to stabilise crude prices following disruptions caused by the war in the Middle East.
The IEA said the release forms part of a coordinated response by member countries to counter the sharp rise in oil prices and supply uncertainty linked to the war and the risks to energy shipments through the Strait of Hormuz.
According to the agency’s rollout plan, oil from strategic reserves held by countries in Asia and Oceania will be made available immediately. Supplies from Europe and the Americas are expected to begin entering the market toward the end of March.
Governments have committed to release a total of 411.9 million barrels of oil. Of this amount, 271.7 million barrels will come from government-controlled reserves, while 116.6 million barrels will be drawn from obligated industry stocks. A further 23.6 million barrels will be sourced from other reserves.
The largest share of the pledged reserves will come from countries in the Americas, which have committed 195.8 million barrels, including 172.2 million barrels from government stockpiles. Asia and Oceania members have pledged 108.6 million barrels, while European countries will contribute 107.5 million barrels.
The IEA said about 72 percent of the planned release will consist of crude oil, while the remaining 28 percent will be refined petroleum products.
The coordinated release marks the sixth time the IEA has mobilised strategic oil reserves since its establishment in 1974 following the global oil crisis. The agency oversees cooperation among Western economies in maintaining emergency oil stockpiles.
The move comes as the war has disrupted energy flows through the Strait of Hormuz, a key shipping route that handles roughly one fifth of the world’s oil and gas supply. Attacks on merchant vessels in the strait have raised fears of prolonged supply disruptions and further price volatility.
IEA member countries collectively hold more than 1.2 billion barrels in emergency government reserves, with an additional 600 million barrels stored by industry under government obligations.
