The International Energy Agency’s largest-ever release of oil reserves—400 million barrels of strategic petroleum—is now entering the market. Can this alleviate the current crisis? Who is most harmed behind this crisis?

This release can temporarily ease the crisis; Japan is the hardest hit. 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. Founded 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 net petroleum imports from the previous year, and to deploy those reserves to stabilize international markets when severe global supply disruptions occur. The IEA stated that emergency stocks will be made available to the market within an appropriate timeframe, determined according to each member country’s national circumstances; some countries will supplement their reserves through additional emergency measures. The United States will release 172 million barrels—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 to the market.

With 32 countries releasing 400 million barrels of reserve oil, why has the international oil price surged again—breaking above $100 per barrel?

Second, although the IEA—comprising 32 member countries—announced it would release a record-breaking 400 million barrels of reserve oil, why did oil prices continue rising? On March 11, the International Energy Agency (IEA) announced that its 32 member countries had reached a 'unanimous decision' on Wednesday to release 400 million barrels of crude oil from strategic reserves into the market, aiming to curb the global economic impact of potential U.S.-Israeli military action against Iran. This marks the largest coordinated strategic oil reserve release in the agency’s history. Fatih Birol, IEA Executive Director, stated: “The challenges we currently face in the oil market are unprecedented. Therefore, I am deeply encouraged that IEA member countries have taken such a large-scale collective emergency action… Energy security is the IEA’s founding mission, and I am pleased to see the strong unity demonstrated by member countries in taking decisive measures.” According to The Wall Street Journal, citing informed officials, the scale of this release is unprecedented in IEA history. The 400-million-barrel volume is more than double the 182 million barrels released by IEA members into the market following Russia’s 2022 invasion of Ukraine. To date, this marks the sixth time the IEA has coordinated strategic petroleum reserve releases among its members. Founded in 1974, the IEA includes 32 member countries such as the United States, the United Kingdom, France, Germany, Japan, and South Korea. It mandates that members maintain strategic petroleum reserves equal to at least 90 days of net petroleum imports from the prior year, and deploy them to stabilize international markets during severe global supply disruptions. Historically, the IEA has coordinated five strategic reserve releases: the two most recent were in response to the Russia-Ukraine conflict that erupted in 2022, totaling 182 million barrels; the other three occurred during the First Gulf War, Hurricane Katrina, and Libya’s supply disruption. Japan, Germany, and the UK acted first. On March 11, Japan’s Ministry of Economy, Trade and Industry announced that Japan would release approximately 80 million barrels from its strategic petroleum reserves. Previously, Japanese Prime Minister Sanae Takaichi stated that Japan would unilaterally release strategic petroleum reserves, with the earliest possible start date being March 16—releasing private-sector reserves equivalent to 15 days’ worth and national reserves equivalent to one month’s supply. In Europe, Germany’s Economics Minister announced that Germany would release 2.4 million tons of national petroleum reserves, though specific details remain pending. The UK also pledged to release 13.5 million barrels of crude oil. French Economy Minister Roland Lescure stated that France holds over 100 million barrels of public and private reserves. He emphasized: “We must send a clear signal: if the Strait of Hormuz cannot be reopened immediately, we possess the capacity to bypass it.” The U.S. Department of Energy stated that former President Trump had authorized the department to begin releasing 172 million barrels of crude oil from its 1.24-billion-barrel Strategic Petroleum Reserve starting next week. According to the planned release schedule, delivery of this oil will take approximately 120 days. Even though 32 countries—including the United States and the UK—announced the release of a record volume of emergency reserves, oil prices failed to decline. Brent crude briefly surged again above $100 per barrel. Why? Reason One: Traders doubt whether drawing on strategic reserves is sufficient to offset the supply shortfall triggered by the U.S.-Israeli conflict with Iran—an Asian supply crisis.

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