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?

It can stabilize crude oil prices in the short term. In a statement, the International Energy Agency (IEA) said that, due to supply disruptions caused by tensions in the Middle East, IEA member countries have agreed to release 400 million barrels of oil from emergency reserves. This is the largest release ever undertaken by the agency. Established in 1974, the IEA comprises 32 member countries, including the United States, the United Kingdom, France, Germany, Japan, and South Korea. It requires members to hold strategic petroleum reserves equivalent to no less than 90 days of their previous year’s net oil imports, and to deploy these reserves to stabilize international markets when severe global oil supply disruptions occur. The IEA stated that emergency stocks will be made available to the market within an appropriate timeframe, tailored to each member country’s national circumstances; some countries will supplement their reserves through additional emergency measures. U.S. release of 172 million barrels accounts for 30% of its total strategic reserve. The U.S. Department of Energy stated that the government requires 120 days to deliver oil drawn from the Strategic Petroleum Reserve (SPR) into the market. This suggests the U.S. assessment is that this timing coincides precisely with the period of strongest upward pressure on oil prices—and that the war still has a long way to go.

A '180-degree reversal' within hours! The U.S. shifted from 'opposing' to 'actively promoting' the largest-ever coordinated release of strategic oil reserves by the IEA—what lies behind Trump’s concern?

The Trump administration executed a policy U-turn within hours—one so abrupt it left allies stunned—shifting from opposition to actively pushing the IEA’s 32 member countries to agree on the largest-ever coordinated emergency oil reserve release: 400 million barrels, more than double the previous record. According to the Wall Street Journal on March 11, on Tuesday morning, U.S. Energy Secretary Chris Wright had explicitly declared at a G7 meeting that large-scale market intervention was 'premature.' Less than two hours later, the U.S. position abruptly reversed, and officials began actively lobbying allies to advance this unprecedented action. A senior White House official revealed that this '180-degree reversal' stemmed entirely from Trump himself: after being persuaded by his advisors that action was urgently needed to curb oil price volatility, he instructed Wright to push for market intervention. This sudden pivot reflects the high degree of instability in Trump administration decision-making during the Iran conflict. Yet markets remain skeptical about the effectiveness of this 'largest-ever' intervention—400 million barrels amounts to only about 20 days’ worth of oil transit volume through the Strait of Hormuz, and oil prices still rose over 5% on Wednesday. From 'Opposition' to 'Active Promotion': A Policy Reversal Within Hours According to the Wall Street Journal, citing informed sources, on Tuesday morning, Chris Wright conveyed the White House’s position at the G7 energy ministers’ meeting: given that oil prices had recently fallen below $90 per barrel, large-scale market intervention was 'premature.' This statement reflected Trump’s thinking at the time. Yet less than two hours later, U.S. officials completely reversed course and began pressuring allies to proceed with the large-scale oil release. European officials were shocked by this abrupt reversal but ultimately went along. Subsequently, all 32 IEA member countries agreed to this largest-ever emergency oil reserve release plan—even breaking the agency’s usual 48-hour deliberation period for such decisions, approving the measure swiftly. According to U.S. officials, the core driver behind this release was the Trump administration’s deep concern over a potential blockade of the Strait of Hormuz. This critical waterway in the Persian Gulf supplies approximately one-fifth of the world’s oil; a prolonged closure would severely disrupt global energy markets. Iran had repeatedly threatened, even before the U.S. launched its bombing campaign on February 28, to close the Strait of Hormuz if attacked by the United States. Yet, according to the Wall Street Journal, U.S. officials responded hastily to this economic threat—without laying diplomatic groundwork in advance or notifying key allies beforehand.

Oil Releases from IEA Emergency Stocks to Pick Up Through February, Agency Says

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The IEA announced accelerating emergency oil stock releases to 71 million barrels by February 2027 to offset Middle East supply shocks. This move targets stabilizing record-high diesel prices affecting global inflation and industrial costs.

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Oil Releases from IEA Emergency Stocks to Pick Up Through February, Agency Says

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