Paris, France – Web Desk: The International Energy Agency (IEA) has approved the release of 400 million barrels of emergency oil reserves to offset disruptions caused by the closure of the Strait of Hormuz. All 32 member countries voted in favor of the unprecedented coordinated release, marking the largest in IEA history.
IEA Executive Director Fatih Birol said the measure aims to stabilize global oil markets and ensure immediate supply amid extraordinary challenges. The emergency reserves will be made available according to each member country’s national circumstances.
This is the sixth coordinated release of emergency oil reserves by the IEA, following similar actions in 1991, 2005, 2011, and twice in 2022. The decision comes as Iranian commanders threaten further attacks in the Strait of Hormuz, warning that oil prices could surge to $200 per barrel.
Market analysts expect this release to ease supply pressures and bring temporary stability to global oil prices, while international energy agencies continue to monitor the volatile situation closely.
