The International Energy Agency unanimously agreed to release 400 million barrels of oil from emergency reserves in response to the Iran war.
The IEA includes 32-member countries. The 400-million-barrel release means the oil will be available for distribution. It is the largest oil reserve release in history.
“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” said IEA Executive Director Fatih Birol. “Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”
IEA members hold emergency stockpiles of more than 1.2 billion barrels, with another 600 million barrels held under government obligation. This is the sixth time the IEA, created in 1974, has coordinated a release. Previous collective actions were taken in 1991, 2005, 2011, and twice in 2022.
Concern about a massive energy crisis has grown since the Iran war began on February 28 with joint U.S.-Israeli strikes targeting Iranian leadership and military assets. Since then, Iran has lashed out at oil and gas infrastructure throughout the Middle East.
Iran has also threatened shipping through the Strait of Hormuz, which connects the Persian Gulf and the Gulf of Oman. About 20 percent of the world’s oil and natural gas supply is exported through the Strait and the war has halted most of it.
Reuters reported Saturday that Kuwait issued a trade notice saying it would cut oil production due to the war and the hazards in the Strait. Qatar’s energy minister Saad al-Kaabi, told the Financial Times that the situation could “bring down the economies of the world.”
The IEA noted the impact of the war on oil and natural gas exports.
“The conflict in the Middle East that began on 28 February 2026 has impeded oil flows through the Strait of Hormuz, with export volumes of crude and refined products currently at less than 10% of pre-conflict levels. This is forcing operators across the region to shut in or curtail a substantial amount of production,” the IEA stated.
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