The International Energy Agency announces the release of 400 million barrels of strategic oil reserves, the largest in history

WealthCoffee · 2026-03-11T23:45:58+00:00

The International Energy Agency announced it will launch the largest strategic petroleum reserve release in history, totaling 400 million barrels, aimed at alleviating the oil market turmoil and supply disruptions caused by the US-Iran conflict. This decision was made after a special meeting, and the IEA will continue to monitor the global oil and gas market conditions.

WealthCoffee

2026-03-11 23:45:58

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[Caixin] On the evening of March 11, International Energy Agency (IEA) Director Fatih Birol announced that IEA member countries will launch the largest strategic oil reserve release in history, totaling up to 400 million barrels.

The IEA stated that this move is to ease the turmoil in the oil market caused by the US-Iran conflict and to offset supply losses due to the actual halt in the Strait of Hormuz. On March 10, IEA member countries held a special meeting to assess market conditions and consider response plans, ultimately deciding to take emergency collective action.

The IEA did not specify details of the release, including which countries are involved or the pace of the release. The agency said that emergency reserves will be released into the market at appropriate times that suit each member country’s circumstances, with some countries also taking additional emergency measures. The IEA will continue to closely monitor the global oil and gas markets.

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