The International Energy Agency has confirmed that member countries will release an additional 271.7 million barrels of oil from emergency reserves, as governments scramble to stabilise markets disrupted by the Middle East conflict.
The release forms part of a wider coordinated response announced earlier this month that will make up to 400 million barrels available globally.
The agency said countries have now submitted detailed implementation plans outlining how the reserves will be brought to market.
Initial supplies will begin flowing immediately from Asia and Oceania while stock releases from Europe and the Americas are expected to begin at the end of March.
According to the IEA the regional breakdown of confirmed releases totals 271.7 million barrels.
Countries in the Americas will release 172.2 million barrels, while Asia and Oceania will contribute 66.8 million barrels and European members will supply 32.7 million barrels.
The coordinated action comes as oil markets face what the IEA describes as the largest supply disruption in the history of the global oil system.
The shock has been triggered by conflict in the Middle East and the resulting disruption to shipping routes in the region.
A key concern remains the Strait of Hormuz one of the world’s most critical oil transit routes.
The narrow channel carries a significant share of global oil exports and disruption to shipping has already pushed crude prices sharply higher.
The IEA said the emergency stock release will provide an important buffer to global markets as supply routes remain uncertain.
This marks the sixth time member countries have taken coordinated emergency action since the organisation was founded in 1974.
Previous collective releases were carried out during major supply shocks in 1991, 2005, 2011 and twice in 2022.
However the agency stressed that restoring normal shipping through the Strait of Hormuz will ultimately be critical to stabilising markets.
It said adequate insurance mechanisms and physical protection for tankers will be essential to ensure energy flows can return to normal.
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