March 11, 2026

IEA Agrees to Release Record 400 Million Barrels From Reserves

Global oil prices pared their gains following the organization’s announcement.

IEA Agrees to Release Record 400 Million Barrels From Reserves

TL;DR

  • IEA members agreed to release 400 million barrels of oil from reserves.
  • This is the largest withdrawal on record.
  • The move aims to mitigate the spike in global energy prices.
  • Global crude demand is approximately 100 million barrels per day.
  • The release is expected to cover about four days of consumption.
  • Oil prices decreased slightly after the announcement.
  • West Texas Intermediate crude rose over 2 percent to above $85.

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