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In one of the largest interventions in its history, the International Energy Agency (IEA) has decided to immediately activate strategic oil reserves to stabilize global energy markets, shaken by the war in the Middle East.
The organization announced that member countries in Asia and Oceania will immediately release their strategic reserves, while reserves from the Americas and Europe are expected to begin coming to market by the end of March.
The decision was taken unanimously by the 32 IEA member countries and constitutes the largest intervention since the organization's creation about five decades ago.
In total, member countries have committed to releasing about 412 million barrels of oil to the market, of which 72% is crude oil, while the rest consists of refined products.
This amount is more than double the 182.7 million barrels that the IEA released in 2022 after the Russian invasion of Ukraine.
The organization stressed that this "collective emergency action, the largest ever carried out", aims to create an important reserve for global markets and alleviate pressure on energy prices.
The decision comes at a time of heightened tension in global energy markets
. The Strait of Hormuz, one of the world's most important oil shipping routes, has been closed to ships from the United States and its allies.
Iranian Foreign Minister Abbas Araghchi stated on Sunday that this policy will continue as long as attacks on Iran continue.
On the other hand, US Energy Secretary Chris Wright admitted in an interview with NBC that passage through the strait is currently not safe and that Americans could feel the effects of the energy crisis for several weeks.
However, he predicted that gasoline prices could start to fall once the conflict ends.
The impact on industry
The impact of the crisis is already being felt in other industrial sectors. Bahrain Aluminium Company, the world's largest aluminium refinery outside China, announced that it will gradually reduce almost a fifth of its production capacity, as its exports remain blocked by the closure of the Strait of Hormuz.
Bahrain, home to the US Navy's Fifth Fleet, is one of the countries most affected by Iranian attacks since the start of the conflict.
Meanwhile, US Ambassador to the UN Mike Waltz told CNN that President Donald Trump is not ruling out any options, including the possibility of an attack on oil infrastructure on Kharg Island, where about 90% of Iran's crude oil exports are processed.
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