IEA Begins Release of 100 Million Barrels of Emergency Oil Reserves in Asia

Americas and Europe to Begin Releases at the End of March

Fatih Birol, Executive Director of the International Energy Agency (IEA), is speaking at a press conference on global energy market trends held in Brussels, Belgium on March 6, 2026. Photo by Reuters Yonhap News

The International Energy Agency (IEA) announced on March 15 (local time) that emergency oil reserves would be released immediately in the Asia region. Previously, the IEA had decided to release approximately 400 million barrels of strategic reserves to counter the rise in international oil prices following U.S. and Israeli airstrikes on Iran.

In a press release issued that day, the IEA stated that it had received implementation plans for reserve releases from its member countries, adding, "The oil reserves of member countries in Asia and Oceania will be released immediately, while those of the Americas and Europe will begin to be released starting at the end of March."

According to the data, a total of 411.9 million barrels will be released globally, including 271.7 million barrels of government reserves, 116.6 million barrels of mandatory industry stock, and 23.6 million barrels classified as other. Of the total, 72% is crude oil and 28% is petroleum products.

By region, in the Americas, 172.2 million barrels of government reserves and 23.6 million barrels categorized as other will be released as crude oil. In Asia and Oceania, a total of 108.6 million barrels will be released, consisting of 66.8 million barrels of government reserves and 41.8 million barrels of mandatory industry stock, with a composition of 60% crude oil and 40% petroleum products. In Europe, 32.7 million barrels of government reserves and 74.8 million barrels of industry stock will be released, with 32% crude oil and 68% petroleum products.

On March 11, the IEA decided to execute its sixth-ever coordinated release of reserves. The IEA first decided to release strategic reserves during the Gulf War in 1991, with around 25 million barrels at that time.

After Russia's full-scale invasion of Ukraine in February 2022, the IEA released a total of 182.7 million barrels over two rounds, with 62.7 million barrels and 120 million barrels, respectively. The current release of 411.9 million barrels, prompted by the war with Iran, marks the largest scale in history.

The IEA stated, "This Middle East war is causing the most significant supply disruption in the history of the global oil market," and added, "Although this emergency joint response will serve as a major buffer, the most important factor is the resumption of regular shipments through the Strait of Hormuz."

The agency further added, "To achieve this, an adequate insurance system and physical protection for transportation will be key to restarting the flow."

This content was produced with the assistance of AI translation services.