UPDATE
Mar 11, 2026 10:25 AM CDT
The International Energy Agency said Wednesday its 32 member nations will jointly release 400 million barrels from strategic stockpiles to blunt the energy shock from the war in Iran. That's its biggest coordinated drawdown on record and only the sixth such move. IEA chief Fatih Birol called it a "major action" but stressed that real stability hinges on oil and gas shipments resuming through the Strait of Hormuz. NPR reports IEA's member nations have 1.8 billion barrels stockpiled between them. Details on which countries will supply how much, and when, are still pending.
Mar 11, 2026 12:00 AM CDT
Oil watchers could soon see a record flood of crude hit the market, the Wall Street Journal reports. The International Energy Agency has proposed its biggest-ever coordinated release of emergency oil reserves to blunt a price spike tied to the US-Israel war with Iran and the near-shutdown of the Strait of Hormuz, through which about 20% of global supply moves. The plan, circulated Tuesday among the IEA's 32 member countries, would top the 182 million barrels released after Russia's 2022 invasion of Ukraine; it takes effect only if no member objects when countries weigh in Wednesday.
Sources tell CNBC the US believes 300 million to 400 million barrels should be jointly released, an amount that would represent 25% to 30% of the 1.2 billion barrels held in reserve by the member nations, which are mostly located in North America, Europe, and Northeast Asia. Oil, which briefly topped $100 a barrel after strikes on Iran began Feb. 28, ended Tuesday under $84, but fuel prices remain elevated and economists warn a lasting surge could feed inflation and rattle markets. Oil prices dropped a bit more Wednesday following the Journal's report, per Reuters.
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