The International Energy Agency (IEA) has approved the release of 400 million barrels of oil from emergency reserves to address supply shortages caused by the effective closure of the Strait of Hormuz. IEA Executive Director Fatih Birol announced that all 32 member countries unanimously voted to release what he described as the largest amount of emergency oil ever authorized by the agency.
Birol stated that the oil market is facing unprecedented challenges, and he welcomed the collective emergency action taken by member nations. According to the IEA, each member country will release its share of reserves within an appropriate timeframe based on national circumstances.
The agency noted that this marks the sixth coordinated release in its history, following similar actions in 1991, 2005, 2011, and twice in 2022. IEA members currently hold over 1.02 billion barrels of emergency reserves, with an additional 600 million barrels held by industry under government obligations.
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