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International Energy Agency: Releases 411 Million Barrels of Oil to Curb Prices

Published March 15, 2026, 17:09
International Energy Agency: Releases 411 Million Barrels of Oil to Curb Prices

The International Energy Agency (IEA) announced the release of 411.9 million barrels of oil from its strategic reserves in an effort to curb prices that have soared due to the war in Iran and surrounding countries. This move represents a record for the organization. Specifically, governments of member countries have committed to releasing 271.7 million barrels from government reserves, 116.6 million barrels from mandatory industry reserves, and 23.6 million barrels from other sources. 72% of the releases concern crude oil and 28% petroleum products. Reserves from Asian and Oceanic countries will be available immediately, while reserves from Europe and America will be available at the end of March. This decision follows last week's decision by the 32 member countries of the International Energy Agency, including the United States, to proceed with this release to mitigate the economic consequences of the war in the Middle East. This move by the IEA aims to restore balance to the oil market and prevent further price increases, which are negatively impacting the global economy.