In response to supply disruptions in global oil markets caused by the continuing crisis in West Asia, the International Energy Agency (IEA) said on Wednesday that 400 million barrels of oil would be released from the emergency stockpiles of its 32 member nations.
The release of the emergency stockpiles to the market will be determined by the national circumstances of each member country. Some governments may also take extra emergency measures.
With over 600 million barrels of industry stocks held under government commitments and over 1.2 billion barrels in emergency reserves, member countries of the IEA have quite the collection.
Since its inception in 1974, the IEA has coordinated six such interventions. There have been two mass releases in 2022 due to disturbances in the global energy market, one in 2011 during the Libyan crisis, one in 2005 following Hurricane Katrina, and one in 1991 during the Gulf War.
Executive Director Fatih Birol of the International Energy Agency (IEA) has called an emergency conference of member states to discuss the current state of the market and the potential dangers to supply caused by the continuing crisis in the Middle East.
According to Birol, the enormous size of the present oil market problems necessitates concerted worldwide action, and the IEA’s fundamental purpose is to ensure energy security.
The Middle East crisis, which started on February 28, has greatly hindered oil shipments across the Strait of Hormuz. Crude and processed product exports have dropped to less than 10% of what they were before the conflict.
Roughly 25% of the world’s seaborne oil trade—approximately 20 million barrels per day—passed through the Strait in 2025. There are still few other ways to get around the strategic chokepoint, according to the IEA.
