IEA Proposes Record Oil Stockpile Release

The International Energy Agency (IEA) is set to recommend the largest release of government oil reserves in its history on Wednesday, March 11, 2026, to mitigate crude price volatility stemming from the ongoing conflict involving Iran. The IEA plans to ask its 32 member states to release approximately 400 million barrels of emergency crude, representing one-third of the group's total government stockpiles.

This proposed release significantly surpasses the 182 million barrels put on the market in 2022 following Russia's invasion of Ukraine.

This intervention aims to address supply shortages and market instability caused by the conflict, which has reportedly reduced global crude supply by nearly 20 million barrels per day due to disruptions in the Strait of Hormuz. Member states would have up to 90 days to release their allocated oil stocks. The recommendation is expected to precede a G7 leaders' meeting chaired by French President Emmanuel Macron.

G7 members have expressed principal support for utilizing strategic oil reserves to stabilize the market. Brent crude prices have fluctuated, briefly reaching $119.50 per barrel, before settling around $90 per barrel following news of potential market intervention. The IEA, established after the 1970s Middle East oil crisis, mandates members to hold at least 90 days' worth of crude supplies for such emergencies.