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The International Energy Agency (IEA) has recommended the largest-ever release of strategic oil reserves by its member countries, in response to the dramatic increase in oil prices as a result of the war between the US, Israel and Iran.
According to official sources and reports from agencies such as Reuters, the Wall Street Journal and Bloomberg, the 32 member countries of the IEA have agreed to release 400 million barrels of oil from emergency reserves. This decision was confirmed today, March 11, 2026, after an emergency meeting and discussions within the framework of the G7.
This collective issuance significantly exceeds the previous record of 182.7 million, which was achieved in 2022 after the full-scale Russian invasion of Ukraine. The new issuance is expected to be spread over a period of at least two months to 90 days, to smooth market shocks and curb the rise in oil prices.
The decision comes at a time when geopolitical tensions in the Middle East, especially the war with Iran, have raised fears of supply disruptions, especially through the Strait of Hormuz. Countries such as Germany, Austria and others have confirmed their participation, while some, such as Japan, have announced independent concessions.
The massive move is intended to provide stability to global energy markets, but analysts note that its effectiveness could depend on developments on the ground and how markets react. Oil prices have been volatile today, with some temporary declines following the news. The IEA oversees about 1.2 billion barrels of public emergency reserves from its members, and this release represents a significant portion of that.
The IEA was founded in 1974 to ensure global energy security and is headquartered in Paris. Its members include all G7 countries, including the UK and US, and 21 EU countries.
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