economy

March 11, 2026

IEA orders largest ever release of stockpiled oil to reduce crude price

Members agree unanimously to release about 400m barrels amid market volatility caused by Iran war

IEA orders largest ever release of stockpiled oil to reduce crude price

TL;DR

  • The IEA is releasing about 400 million barrels of government oil reserves, the largest in its history.
  • This action is a response to oil price shocks triggered by US-Israeli attacks on Iran and disruptions in the Strait of Hormuz.
  • The release is double the previous largest intervention of 182 million barrels in 2022.
  • Member countries like the UK, Japan, South Korea, and Germany have committed specific amounts to the release.
  • The decision reflects a commitment to energy security and global solidarity among IEA members.
  • The Strait of Hormuz disruption has halted about 15 million barrels of crude oil per day.
  • Brent crude prices have fluctuated, with concerns about future supplies despite the intervention.

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