The International Energy Agency (IEA) will release 400 million barrels of strategic petroleum reserves, and Trump has authorized the U.S. Department of Energy to release 172 million barrels of crude oil—what impacts will this have?

On March 11, local time, the 32 member countries of the International Energy Agency (IEA) unanimously agreed to release 400 million barrels of oil from their emergency reserves onto the market to address disruptions in the global oil market triggered by conflicts in the Middle East. This marks the largest coordinated release of oil reserves in the IEA’s history. Nonetheless, international oil prices continued to surge sharply. According to CCTV News, international oil prices rose significantly on March 11. By market close that day, light crude oil futures for April delivery on the New York Mercantile Exchange increased by USD 3.80, closing at USD 87.25 per barrel—a rise of 4.55%; Brent crude oil futures for May delivery on the London market rose by USD 4.18, closing at USD 91.98 per barrel—a rise of 4.76%. ・ IEA member countries unanimously agreed to release 400 million barrels of strategic petroleum reserves According to Xinhua News Agency, the IEA issued a statement on March 11 stating that its 32 member countries had unanimously agreed to release 400 million barrels of strategic petroleum reserves to counteract tightening global oil supply caused by U.S. and Israeli military strikes against Iran. Fatih Birol, Executive Director of the IEA, stated that the release of strategic petroleum reserves would be implemented in phases, tailored to each member country’s specific circumstances and within an appropriate timeframe. The IEA will announce the detailed implementation plan for releasing the 400 million barrels later and will continue closely monitoring developments in global oil and natural gas markets. Earlier, in a press release, Birol noted that IEA member countries collectively hold over 1.2 billion barrels of publicly held emergency oil reserves, plus approximately 600 million barrels of industry-held reserves under government oversight. Under relevant mechanisms, IEA member countries must maintain oil reserves equivalent to at least 90 days of net imports and remain prepared to respond to severe global oil supply disruptions. ・ The United States will release 172 million barrels of strategic petroleum reserves According to Xinhua News Agency, the U.S. Department of Energy announced on March 11 that it would release 172 million barrels of strategic petroleum reserves to counter rising oil prices triggered by U.S. and Israeli airstrikes against Iran.

The International Energy Agency states that the current energy crisis is more severe than the 1970s oil crises.

Fatih Birol, Executive Director of the International Energy Agency (IEA), recently stated: “The current energy crisis is extremely severe, posing a major threat to the global economy. The present situation is more serious than the oil crises of 1973 and 1979, as well as the natural gas market turmoil following geopolitical conflicts in Europe. During past oil crises, global daily oil supply losses amounted to about 5 million barrels; this time, losses have reached 11 million barrels per day.” Birol added: “The crisis affects not only oil and natural gas but also trade in critical commodities essential to the global economy—including fertilizers, sulfur, and helium—inflicting heavy damage on the world economy.” He revealed that the IEA is currently holding consultations with multiple countries—including Canada and Mexico—to encourage them to increase oil production and supply it to global markets. Birol also noted that this crisis has already disrupted Qatar’s liquefied natural gas (LNG) exports. Australia alone cannot fully compensate for the LNG supply shortfall from the Middle East.

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