Addis Ababa, March 11, 2026 (ENA)—The 32 member countries of the International Energy Agency (IEA) have unanimously agreed to release 400 million barrels of oil from their emergency reserves to stabilize global markets following supply disruptions caused by the ongoing conflict in the Middle East.

The decision was reached after an extraordinary meeting of member governments convened by IEA Executive Director Fatih Birol to assess the impact of the conflict on global energy markets and evaluate possible responses to the supply shock.

“The oil market challenges we are facing are unprecedented in scale,” Birol said, welcoming the coordinated response.

He noted that because oil markets are global, major disruptions require a unified international response.

 He added that the move reflects strong solidarity among member states in fulfilling the agency’s core mandate of ensuring energy security.

According to the IEA, the emergency stocks will be released to the market based on the national circumstances of each member country.

Some countries are also expected to introduce additional emergency measures to support supply.

IEA member states collectively hold more than 1.2 billion barrels of emergency oil reserves, while a further 600 million barrels are maintained by industry under government obligations.

This coordinated release marks the sixth collective action since the agency was created in 1974.

Previous emergency stock releases occurred during major market disruptions, including the Gulf War, Hurricane Katrina, the Libya crisis, and twice in 2022 amid global energy market volatility.

The latest action follows the outbreak of conflict in the Middle East on 28 February 2026, which has significantly disrupted oil flows through the Strait of Hormuz.

 Current export volumes of crude oil and refined products passing through the strategic waterway have dropped to less than 10 percent of pre-conflict levels, forcing many regional operators to shut down or reduce production.

In 2025, an average of 20 million barrels per day of crude oil and petroleum products passed through the Strait of Hormuz, accounting for roughly a quarter of the world’s seaborne oil trade.

Alternative routes to bypass the strait remain limited.

The IEA Secretariat said it will provide further details on the implementation of the coordinated stock release and will continue closely monitoring global oil and gas markets while advising member governments on additional actions if necessary.