IEA members could release more oil stocks ‘as and if needed,’ agency chief says

More than 1.4 billion barrels remain in members’ emergency oil stocks

Published Mon, Mar 16, 2026 · 11:17 PM

“The volume of oil supply now offline is already higher than the supply loss during the oil shock of 1973, and higher than any of the big disruptions we have witnessed since then,” IEA executive director Fatih Birol said. PHOTO: EPA

[PARIS] Member countries of the International Energy Agency (IEA) could release more oil into the market later “as and if needed” after they have already agreed the largest-ever reserve release, executive director Fatih Birol said on Monday (Mar 16).

Birol said there will still be over 1.4 billion barrels remaining in IEA members’ emergency oil stocks.

“Despite this huge release, we still have a lot of stocks left. This current stock release, once it is completed, will reduce the emergency stocks in IEA countries only by around 20 per cent,” Birol said in a video statement.

According to Birol, oil from the IEA reserves was already flowing in Asia after countries had decided to make 400 million barrels of crude available as oil prices started spiking in the wake of the US-Israeli war against Iran.

IEA, created in 1974 after the 1973 oil crisis, groups 32 countries from all continents.

“The volume of oil supply now offline is already higher than the supply loss during the oil shock of 1973, and higher than any of the big disruptions we have witnessed since then,” Birol said.

Iran war is causing biggest-ever oil market disruption, IEA says

US President Donald Trump told reporters his administration already contacted seven countries, but he did not identify them.

Trump demands other countries help secure vital Strait of Hormuz

The oil crisis could push governments to diversify into renewables – or return to domestically produced coal, a fossil fuel which the region has struggled to phase out.

Middle East oil shocks send S-E Asia scrambling for alternatives, but cleaner mix is no easy choice

Japan relies heavily on the Middle East for its oil-import needs, with almost 96% coming from the region in 2024, according to the Petroleum Association of Japan.

Japan starts release of oil from reserves as war snarls flows

There is a growing conviction that while the US and Israel could declare the war over at any time, Iran will have the final say on the disruption of global oil and gas supplies.

Iran holds the key to reopening global energy markets

Buyers in Asia are most reliant on flows from the Middle East, so the speed of reserve releases is particularly key for the region.

Over 400 million barrels of emergency oil reserves to flow to global markets, starting with Asia immediately: IEA

The fate of the Strait of Hormuz, through which the majority of Asia’s all supply flows, remains mired in uncertainty.

Oil fears keep S-E Asia’s central banks on their toes as they mull over easing plans

Tankers sailing near the Strait of Hormuz. Global oil supply is expected to fall by eight million barrels per day in March due to shipping disruptions.

Oil poised for further gains as Middle East conflict threatens export facilities

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Oil prices fell on Monday amid attacks on Gulf oil production and US President Donald Trump’s call for global efforts to secure the Strait of Hormuz, which is a critical waterway for a fifth of the world’s oil and gas supplies. REUTERS

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