Member countries of the International Energy Agency (IEA) emphasized their support for accelerating the release of oil reserves announced in the collective action of March 2026 during a meeting held yesterday. The main goal of this meeting was to ensure the swift completion of these releases and to prioritize the release of diesel reserves, considering the current market situation facing shortages.
IEA's Response to the Strait of Hormuz Crisis
Participants in this meeting expressed their appreciation for the IEA's swift response to the impacts of the energy crisis in the Strait of Hormuz. They reaffirmed their commitment to implementing the collective action of March 2026 and highlighted the importance of the IEA Secretariat's role in continuing to monitor progress in this area and providing up-to-date market analyses. This meeting also addressed the recent statement by the Group of Seven (G7) leaders regarding global energy security and market stability, emphasizing the importance of free energy trade flows.
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Details of Oil Reserves Release
To date, approximately 325 million barrels of oil have been released under the collective action of March 2026. Some countries have released more oil reserves than they initially committed to. If all the oil reserves they committed to but have not yet released are fully liberated, about 100 million barrels more will be added to the market.
IEA member countries still hold significant levels of public emergency oil reserves, equivalent to about 1.1 billion barrels, including over 200 million barrels of diesel. The IEA is prepared to release larger quantities of these reserves to the market if necessary.
The IEA Secretariat will continue to work closely with member countries to monitor the ongoing implementation of the collective action of March 2026. IEA member countries agreed to continue assessing and reviewing the situation at the next IEA Board meeting scheduled for next week.
Read more: Declining Global Oil Reserves Keep Prices High · IEA Examines Release of 100 Million Barrels of Oil and G7 Diesel
