The 32 member countries of the International Energy Agency (IEA) have unanimously agreed to release 400 million barrels of oil from emergency reserves to stabilize global energy markets following major disruptions caused by the ongoing conflict in the Middle East.
The decision was taken during an extraordinary meeting of IEA member governments convened by the agency’s Executive Director, Fatih Birol, to assess the impact of the escalating crisis on global oil supplies. The coordinated action aims to address supply shortages and calm volatile oil markets that have been affected by the disruption of key shipping routes.
Fatih Birol stated that the oil market challenges triggered by the conflict are unprecedented in scale. He emphasized that because oil markets are global, the response to major supply disruptions must also be coordinated globally. The IEA’s emergency action demonstrates the solidarity of member countries in safeguarding global energy security.
Emergency Oil Release to Stabilize Global Markets
Under the plan, the 400 million barrels of oil will be released over a period determined by the national circumstances of each participating country. Some governments are also expected to introduce additional emergency measures to further support global energy supply and reduce market volatility.
IEA member countries collectively hold over 1.2 billion barrels of emergency oil reserves, supplemented by another 600 million barrels of industry stocks maintained under government obligations. These reserves were established to protect global energy markets during major supply disruptions.
Strait of Hormuz Disruption Triggers Global Supply Concerns
The coordinated release follows the conflict in the Middle East that began on February 28, 2026, which has significantly disrupted oil flows through the strategic Strait of Hormuz. Current export volumes of crude oil and refined petroleum products through the vital shipping route have dropped to less than 10 percent of pre-conflict levels.
In 2025, an average of 20 million barrels per day of crude oil and petroleum products passed through the Strait of Hormuz, accounting for approximately 25 percent of global seaborne oil trade. With limited alternative routes available to bypass the strait, the disruption has forced several regional operators to shut down or reduce oil production.
Sixth Coordinated Emergency Action Since IEA’s Creation
The latest move marks the sixth coordinated stock release in the history of the IEA, which was founded in 1974 to strengthen energy security among industrialized nations. Previous emergency actions were carried out during the 1991 Gulf War, after Hurricane Katrina in 2005, during the 2011 Libya Crisis, and twice in 2022 amid global energy market disruptions.
The IEA Secretariat said it will soon provide detailed guidance on how the emergency stock release will be implemented. The organization will also continue to closely monitor global oil and gas markets and offer recommendations to member governments as needed to ensure stability in the energy sector.
BABURAJAN KIZHAKEDATH
