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Oil Reserves Released, But Prices Remain High

Published March 16, 2026, 20:17
Oil Reserves Released, But Prices Remain High

Despite the release of 400 million barrels of oil from the strategic reserves of the International Energy Agency (IEA) member states, international oil prices remain high. The IEA reports that the war in the Middle East is causing the largest disruption to the global oil market in history. The main reason for maintaining high prices is the almost complete blockade of the Strait of Hormuz by Iran, through which 20% of global oil trade passes, leading to a disruption in the supply of approximately 15 million barrels of crude oil and 5 million barrels of petroleum products daily. The 400 million barrels released are theoretically sufficient for 26 days, which is not enough to reassure the markets. Reserves from Asia and Oceania will be available immediately, while those from America and Europe are expected by the end of March, through auctions, loans or direct sales to refineries.