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Posted On: 3/13/2026, 10:01:29 PM
Last Update: 3/13/2026, 10:01:29 PM
The International Energy Agency has suggested the biggest oil reserve release in its history in an effort to lower petroleum prices, which have skyrocketed during the U.S.-Israel conflict with Iran, according to people acquainted with the situation.
According to the officials, the release would surpass the 182 million barrels of oil that IEA member nations put on the market in two releases during Russia's full-scale invasion of Ukraine in 2022.
At an urgent meeting of energy officials from the 32 member nations of the IEA on Tuesday, the suggestion was discussed. The decision to release 400 million barrels is an effort to control crude prices and avoid supply disruptions.
On Wednesday, nations are anticipated to make a decision on the idea. Officials stated that even one nation's protests could cause the plan to be delayed, but it would be adopted if no one objected.
The IEA proposal aims to address the significant disruption resulting from the almost complete closure of the Strait of Hormuz, a vital passage for approximately one-fifth of the world's oil supply, amid rising threats of tanker attacks by Iran, which have nearly halted shipments.
Notably, Iranian attacks on oil tankers in the Strait have prompted Western nations to establish the IEA in 1974 following the Arab Oil Embargo. This agency, comprising Western nations and allies, sets guidelines for crude oil reserves and coordinates emergency releases to safeguard economies from oil market disruptions.
Since the U.S. and Israel began airstrikes on Iran on February 28, oil prices surged by up to 40%, exceeding $100 per barrel, before recently dipping below $84. Meanwhile, prices for fuels like diesel continue to rise sharply as market participants monitor President Trump's remarks regarding the duration of the conflict.
Economists caution that rising oil prices could lead to inflation, a correction in the stock market, and increased costs for consumers at the gas pump.
According to IEA Executive Director Fatih Birol, IEA members possess 1.2 billion barrels in public stocks and an additional 600 million in mandatory commercial inventories, equivalent to approximately 124 days of lost supply from the Gulf.
Maritime Training Online Courses investigate oil releases from strategic reserves, with a focus on understanding how these reserves are structured and managed, the geopolitical or market disruptions that typically trigger emergency drawdowns, and the historical effectiveness of previous releases in stabilising prices and ensuring energy security.
The outcomes of prior releases from strategic reserves have been inconsistent.
Following Russia's invasion of Ukraine in early 2022, IEA members quickly released two statements. Energy prices initially increased by 20% as traders saw the announcement as evidence that the energy situation was more difficult than they had first thought. According to analysts, the announcements ultimately contributed to a decrease in prices.
When then-President George H.W. Bush ordered the first-ever drawdown of the Strategic Petroleum Reserve on the same night that a coalition led by the United States invaded Iraq in 1991 in preparation for Operation Desert Storm, it was a particularly successful release. As part of a pre-invasion preparation, IEA members collaborated to release additional oil from stocks.
On the first day of the U.S.-led attack, prices dropped by over 20%. Oil from the SPR was available for purchase by the time coalition forces invaded Iraq and Kuwait in February.
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