Member countries of the International Energy Agency have agreed to release 400 million barrels of oil from emergency reserves to stabilise global markets.
The decision follows disruptions to oil supplies caused by the conflict in the Middle East, which began on 28 February 2026.
The emergency release was approved unanimously by the organisation’s 32 member governments during an extraordinary meeting to assess market conditions and potential responses.
Fatih Birol said: “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.”
He added: “Oil markets are global so the response to major disruptions needs to be global too.”
The oil will be released over time according to each country’s national circumstances, with some governments expected to introduce additional emergency measures.
IEA member states currently hold more than 1.2 billion barrels of emergency oil stocks, alongside a further 600 million barrels of industry reserves held under government obligations.
The release comes after the conflict disrupted oil flows through the Strait of Hormuz, where export volumes of crude and refined products have fallen to less than 10% of pre-conflict levels.
Around 20 million barrels per day of crude oil and oil products passed through the Strait of Hormuz in 2025, accounting for roughly 25% of global seaborne oil trade.
The coordinated release marks the sixth time the IEA has taken collective emergency action since it was founded in 1974.
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