IEA Releases 325 Million Barrels of Oil Reserves Since March

The International Energy Agency announced the release of approximately 325 million barrels of oil from strategic reserves since March, a collective measure designed to support energy market stability. This figure represents more than 80 percent of the total 400 million barrels that member countries had previously committed to supply.

Progress on Collective Reserve Drawdown

In a statement issued following a video conference among leaders of the G7 group, the agency detailed the progress of this unprecedented operation. Member states agreed in March to execute the largest coordinated release of oil reserves in the organization's history, targeting the full 400 million barrel quota.

Fatih Birol, the agency’s Executive Director, confirmed that the 325 million barrels were released under the collective actions declared on March 11. He noted that the volume exceeded the initial threshold of 80 percent of the total amount originally pledged by participating nations.

Gulf Tensions and Strait Disruptions

These measures coincide with escalating conflict between Iran and the United States, which has resulted in a near-halt of navigation through the Strait of Hormuz. The strait serves as a critical maritime corridor for transporting oil, petroleum products, and liquefied natural gas to global markets.

Disruptions in supply routes have driven up fuel prices across most countries worldwide. Energy markets continue to grapple with the fallout from geopolitical tensions in the region, prompting the sustained intervention by IEA member states.