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

LightningPacketLoss · 2026-03-31T10:30:43+00:00

The International Energy Agency announced that it will release 400 million barrels of strategic oil reserves based on the actual circumstances of member countries to address the global oil supply tightness caused by the US-Israel military actions. 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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2026-03-31 10:30:43

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Xinhua News Agency, Paris, March 11 (reporter Cui Kexin) The International Energy Agency said in a statement on March 11 that 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves to address the situation of global oil supply tightness caused by U.S. and Israeli military strikes on Iran.

IEA Executive Director Fatih Birol said that the release of strategic oil reserves will be implemented step by step within appropriate time frames based on each member country’s specific circumstances. The IEA will release the specific plan for the release of 400 million barrels of oil later and will continue to closely monitor changes in global oil and natural gas markets.

Birol previously said in a news release that member countries of the IEA currently hold more than 1.2 billion barrels of publicly available emergency oil reserves, and in addition have about 600 million barrels of company reserves controlled by member governments. Under the relevant mechanism, IEA member countries must ensure that their oil reserve levels are equivalent to at least 90 days of net imports and be prepared to respond to possible severe supply disruptions in the global oil market.

(Editor: Wen Jing)

Keywords:

                                                            Oil
                                                            Oil prices

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