IEA Plans Record Oil Reserve Release

Paris, France — The International Energy Agency has asked its members to consider a record release of 400 million barrels of emergency crude to steady prices after the Iran war disrupted flows through the Strait of Hormuz, a move confirmed by Reuters, BBC News, The Guardian, Euronews, Associated Press, and RTÉ News. Officials said the proposal represents the biggest coordinated drawdown in IEA history and is being coordinated alongside G7 talks on strategic reserves.

• The IEA is seeking a coordinated release of 400 million barrels, the largest collective drawdown ever and more than double the 2022 release after Russia’s full-scale invasion of Ukraine.
• The proposed release is intended to temper sharp oil price spikes tied to the Iran war and the disruption of shipping through the Strait of Hormuz.
• G7 leaders and energy ministers have said they support the use of strategic reserves to stabilize markets as the IEA plans the coordinated action.
• IEA member countries collectively hold more than 1.2 billion barrels in public emergency stocks, plus roughly 600 million barrels in industry-held reserves.
• Germany said it will participate in the release, and Japan has announced plans to begin releasing parts of its stockpiles.

Additional Details Reported

Several governments have begun outlining their contributions. Germany’s economy minister said Berlin will release part of its reserves in support of the IEA plan, as reported by the Associated Press and BBC News. Japan said it will start releasing reserves as early as next week, according to Reuters and RTÉ News.

Energy officials say any coordinated release would still require agreement among the IEA’s 32 members. The IEA has previously required members to hold at least 90 days of oil in reserve, a rule that allows coordinated action in supply shocks, according to The Guardian and BBC News.

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