The International Energy Agency (IEA) and its 32 member countries unanimously agreed today (11 March 2026) to release 400 million barrels of oil from their emergency stockpiles onto global markets. The move aims to offset supply disruptions caused by the de facto closure of the Strait of Hormuz amid escalating conflict between the United States, Israel, and Iran — a development that has sent oil prices soaring.
Unprecedented Scale
This marks the largest coordinated release of crude oil in the IEA’s history. The announcement came during a G7 leaders’ meeting chaired by French President Emmanuel Macron, where energy security was a central topic.
Following confirmation of the decision, Brent crude briefly dipped before stabilizing near $91 per barrel. The proposed release far exceeds the 182 million barrels deployed in two phases by IEA members in 2022 after Russia’s invasion of Ukraine.
Global Participation
German Finance Minister Katharina Reich confirmed earlier reports of the 400-million-barrel plan and stated Germany would participate. The United States and Japan are expected to contribute the largest shares. The UK’s Energy Secretary said the country will supply 13.5 million barrels.
“The pressure for this release came primarily from the U.S. government,” a European diplomat told reporters.
Implementation and Oversight
IEA Executive Director Fatih Birol emphasized that the drawdown of strategic reserves will be carried out according to each country’s national timeline and operational capacity. The agency said further details on implementation will be released in due course and reaffirmed its ongoing close monitoring of global oil and gas markets.
European Commissioner for Energy Dan Jørgensen welcomed the IEA’s decision, noting that the European Commission continues to coordinate energy responses among EU member states in close cooperation with the agency.