IEA to release emergency oil reserves as Middle East war hits supply

The International Energy Agency (IEA) says emergency oil reserves will begin entering global markets as governments move to stabilise supplies disrupted by the Middle East war.

Member states agreed on 11 March to release strategic stockpiles after energy prices surged following the outbreak of the conflict. The agency said the move represents the largest coordinated response of its kind.

“Individual implementation plans have been submitted to the IEA by Member countries. These plans indicate that stocks will be made available by IEA Member countries in Asia Oceania immediately,” the agency said.

It added that “stocks from IEA Member countries in the Americas and Europe will be made available starting from the end of March”.

The IEA said governments will release about 271.7 million barrels of oil worldwide to help ease supply pressures.

“The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” it said, describing the release as a “significant and welcome buffer”.