Wealthy nations pledge record release of emergency oil reserves in a bid to calm surging prices

[littlemissmartypants]

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Source: AP

A group representing many of the world’s wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz.

The International Energy Agency said it will make 400 million barrels of oil available from its members’ emergency reserves, which is more than double the 182.7 million barrels that the IEA’s 32 member countries released in 2022 in response to Russia’s full-scale invasion of Ukraine.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” said Fatih Birol, executive director of the Paris-based IEA. “But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”

Iran has attacked commercial ships across the Persian Gulf in response to U.S. and Israeli strikes, escalating a campaign of squeezing the oil-rich region as global energy concerns mount and effectively stopping cargo traffic in the narrow Strait of Hormuz, through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean. Iran has also targeted oil fields and refineries in Gulf Arab nations, aiming to generate enough global economic pain to pressure the U.S. and Israel to end their strikes.
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SAMUEL PETREQUIN and KIRSTEN GRIESHABER
Updated 4:50 PM EDT, March 11, 2026

Read more: https://apnews.com/article/iran-us-oil-europe-reserve-release-eaf0cf9988cd7e06f0dc2a8ee800762e

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President Donald Trump says his administration will tap the United States' Strategic Petroleum Reserve to try and reduce gasoline prices that have risen due to the Iran war.

President Donald Trump says his administration will tap the United States' Strategic Petroleum Reserve to try and reduce gasoline prices that have risen due to the Iran war.

— The Associated Press (@apnews.com) 2026-03-11T20:56:47Z

[LetMyPeopleVote]

1. Dozens of countries agreed to release 400 million barrels of oil. But it didn't bring down prices.

Petroleum prices rose in spite of the announcement, signaling real concerns about a more protracted conflict.

Link to tweet

The International Energy Agency said Wednesday that member countries had unanimously agreed to release 400 million barrels of oil from their reserves in a bid to ease prices that are soaring due to the Iran war.

Following the IEA announcement, U.S. crude oil prices briefly fell to lows of the day, on news of the potential for fresh supply. But they quickly climbed higher, passing $88 per barrel around midday.

The market moves Wednesday are a sign of real concerns about a more protracted conflict, despite President Donald Trump�s assurances this week that the U.S.-Israeli war in Iran would be over soon.

The agency did not set out a definitive timeline for when the release � the largest ever by IEA nations � would begin. "The IEA Secretariat will provide further details of how this collective action will be implemented in due course," a statement said.....

Overall, "policy measures may have limited impact on oil prices unless safe passage through the Strait of Hormuz is assured," the analysts said, given how much oil is currently blocked from the global market in the region.

Historically, they said, "emergency releases have peaked around 1.4 million barrels per day." They added that it could be helpful but "that pace would not materially ease a 16 million barrels per day shortfall and would likely provide only initial relief."

IEA countries have executed emergency releases before, notably an estimated 180 million barrels in 2022, after Russia invaded Ukraine.

[GP6971]

2. Locking. Dupe of https://www.democraticunderground.com/10143630561