Member countries of the International Energy Agency agree to release 400 million barrels of strategic petroleum reserves

LightningPacketLoss · 2026-03-12T02:41:44+00:00

The International Energy Agency announced that it will release 400 million barrels of strategic oil reserves based on the actual situation of member countries to address the global oil supply tightness caused by the US-Israel military action. Executive Director Birol stated that the specific plan will be announced later, and member countries need to ensure that their reserve levels meet the requirements.

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2026-03-12 02:41:44

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Xinhua News Agency, Paris, March 11 — The International Energy Agency (IEA) issued a statement on the 11th saying that 32 member countries have agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tightness caused by military strikes by the United States and Israel on Iran.

IEA Director Fatih Birol stated that the release of strategic oil reserves will be implemented in phases based on the specific circumstances of each member country within an appropriate timeframe. The IEA will announce the detailed plan for releasing the 400 million barrels of oil later and will continue to closely monitor changes in the global oil and natural gas markets.

Birol previously stated in a press release that currently, IEA member countries hold more than 1.2 billion barrels of public emergency oil reserves, in addition to about 600 million barrels of corporate reserves under government control. According to relevant mechanisms, IEA member countries must ensure their oil reserves are equivalent to at least 90 days of net imports and be prepared for potential severe supply disruptions in the global oil market.

(Edited by: Wen Jing)

Keywords: Oil Oil Prices

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