The 32 member countries of the International Energy Agency (IEA) have unanimously agreed to release 400 million barrels of oil from their emergency reserves in an effort to stabilise global energy markets following disruptions caused by the ongoing conflict in the Middle East (ME).
The decision was reached after an extraordinary meeting of IEA member governments held yesterday.
The meeting was convened by the agency’s Executive Director to assess rapidly changing market conditions and to consider coordinated measures to address the sharp decline in oil supply linked to the conflict.
Fatih Birol, Executive Director of the IEA, described the move as a necessary response to an unprecedented situation in global energy markets.
“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 said.
“Oil markets are global, so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that member countries are showing strong solidarity in taking decisive action together.”
According to the agency, the emergency oil stocks will be released to the market over a period suited to the national circumstances of each member country. Some governments are also expected to implement additional emergency measures to support supply.
IEA member countries collectively hold more than 1.2 billion barrels of emergency reserves. In addition, around 600 million barrels of industry stocks are maintained under government obligation.
The coordinated release marks the sixth such intervention in the organisation’s history since it was established in 1974. Previous collective actions were taken in 1991, 2005, 2011 and twice in 2022.
The current market disruption stems from the conflict in the Middle East that began on 28 February 2026, which has severely restricted oil flows through the Strait of Hormuz.
Export volumes of crude oil and refined products are currently estimated to be at less than 10 per cent of their pre-conflict levels, forcing operators across the region to shut in or significantly curtail production.
In 2025, an average of 20 million barrels per day of crude oil and petroleum products passed through the Strait of Hormuz, accounting for roughly a quarter of the world’s seaborne oil trade. Alternative routes capable of bypassing the strait remain limited.
The IEA Secretariat said further details on how the coordinated stock release will be implemented will be announced in due course.
The agency added that it will continue to monitor global oil and gas markets closely and provide recommendations to member governments where necessary.