IEA Members Support Release of 100 Million Barrels from Oil Reserves to Address Market Shortages

Paris, 8 Oct (KUNA) -- The International Energy Agency (IEA) announced that member governments, at their meeting on Thursday, decided to accelerate the release of nearly 100 million barrels of oil from strategic reserves to address a “shortage” in global markets, as part of the collective action scheduled for March 2026. The agency said in a statement that members also prioritized “releasing diesel stocks as much as possible due to the current shortage in markets,” equivalent to more than 200 million barrels. The IEA reiterated that it maintains approximately 1.1 billion barrels in emergency reserves, including more than 200 million barrels of diesel, and is ready to release additional volumes if needed. The statement added, “Participants expressed their high appreciation for the IEA’s response to the repercussions of the Strait of Hormuz crisis on the energy sector, reaffirmed their commitment to implementing the March 2026 collective action, and emphasized the importance of the agency’s secretariat in continuing to monitor progress toward completing this action and providing updated market analyses.” To date, nearly 325 million barrels of oil have been released under the March 2026 collective action, with some countries releasing volumes exceeding their initial commitments. The statement said that member governments agreed to continue assessing and reviewing the situation at the next meeting of the IEA Board of Directors, scheduled for next week. (End) M.B. / N.B.S.