International Energy Agency: Emergency Oil Reserves to Be Released to Market Soon

LightningPacketLoss · 2026-03-16T11:29:38+00:00

The International Energy Agency announced that member states will release emergency oil reserves as soon as possible to address global oil supply tensions. It is expected that 400 million barrels of oil will be released, of which 72% will be crude oil. This action represents the largest-scale collective release in history, with the key focus on restoring shipping safety in the Strait of Hormuz.

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2026-03-16 11:29:38

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Xinhua News Agency, Paris, March 15 (Reporter Cui Kexin) The International Energy Agency (IEA) announced on the 15th that member countries’ emergency oil reserves will soon be released into the market to alleviate the current international oil supply tightness.

The statement said that all member countries have submitted specific implementation plans to the IEA. According to the plan, Asian and Oceanian member countries will be the first to release reserves, while oil stocks from the Americas and Europe will be gradually released starting from the end of March.

The IEA previously issued a statement saying that 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves. The latest data shows that 271.7 million barrels come from government reserves, 116.6 million barrels from industry reserves, and 23.6 million barrels from other sources. Of the planned oil release, about 72% is crude oil, and 28% is refined products.

The IEA pointed out that the global oil market is facing the most severe supply disruption in history. This emergency collective action is the largest to date and provides an important buffer for the market. However, truly restoring trade flow stability still depends on restoring normal shipping through the Strait of Hormuz. Improving insurance mechanisms and strengthening security protections for ships are key to promoting the recovery of trade flows.

(Edited by Wen Jing)

Keywords: Oil Prices

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