By Trish Svoboda/Image courtesy Canva

The International Energy Agency (IEA) announced its 32 member countries agreed to release 400 million barrels of oil from emergency reserves to help stabilize global oil markets.

The decision was made after the 2026 conflict in the Middle East disrupted oil shipments through the Strait of Hormuz. According to the release, oil exports moving through the strait have dropped to less than 10% of normal levels, causing supply concerns worldwide.

IEA Executive Director Fatih Birol said the release is meant to help ease market disruptions and keep energy supplies flowing.

IEA member countries collectively hold more than 1.2 billion barrels of emergency oil reserves, along with additional industry stocks. The 400-million-barrel release will be made available over time depending on each country’s situation.

This is the sixth time the IEA has coordinated an emergency oil release since it was created in 1974.