IEA withdraws 400M barrels from oil reserves

Logo of The International Energy Agency (IEA)

The International Energy Agency (IEA) has approved today, March 11, the release of 400 million barrels from its oil reserves to ease supply disruptions caused by the war in the Middle East, marking the largest emergency withdrawal in the agency’s history, according to a statement.

The release will be staged, with quantities offered to the market in phases as member countries see fit, in a coordinated effort to offset supply shocks following the outbreak of war with Iran.

Executive Director Fatih Birol said the oil market is facing unprecedented challenges in scale, noting that the member countries’ collective emergency response is the largest ever in the IEA’s history.