IEA to Unleash Record 400 Million Barrels of Oil from Reserves

FomoAnxiety · 2026-03-11T17:59:43+00:00

The IEA released 400 million barrels of oil from reserves to address unprecedented market challenges, but this move failed to lower rising oil prices, which increased by 3.4% on the announcement day.

FomoAnxiety

2026-03-11 17:59:43

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On Wednesday, all 32 members of the International Energy Agency (IEA) unanimously approved a record release of 400 million barrels of oil from strategic reserves. This more than doubles the previous high of 182 million barrels set in 2022 after Russia invaded Ukraine.

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“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 in a statement.

IEA Oil Release Fails to Ease Prices

The IEA didn’t specify the timing or pace of the drawdown. However, analysts warned that the agency’s maximum drawdown capacity would still fall short of offsetting the daily 20-million-barrel loss at the Strait of Hormuz. Member countries of the IEA hold a total of 1.2 billion barrels in stockpiles, with another 600 million barrels held under government obligation.

The announcement failed to temper oil prices, with crude oil futures (CL) up by 3.4% on the day and 32% over the past month.

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