IEA nations agree to largest-ever oil reserve release to alleviate Iran war price hike

Countries that are members of the International Energy Agency (IEA) will release the largest-ever amount from their oil stockpiles to alleviate price spikes caused by the conflict in Iran.

“IEA countries have unanimously decided to launch the largest ever release of emergency oil stocks in our agency’s history,” said IEA executive director Fatih Birol in a video on the organization’s website.

“IEA countries will be making 400 million barrels of oil available … to the market to offset the supply lost,” Birol added.

After U.S.-Israeli strikes on Iran, shipping through the nearby Strait of Hormuz halted. The strait is a major oil shipping channel, with about a fifth of the world’s oil consumption flowing through it.

The IEA represents 32 member countries, including the U.S. It also has 13 additional association countries.

Birol did not specify which countries would be releasing their oil in his remarks, though several countries are indicating they will release oil from their stocks.

Japan’s Prime Minister Takaichi Sanae said the country would release oil from its reserves. Germany’s Economy Minister Katherina Reiche also said the country would “do our part.”

British chancellor Rachel Reeves similarly said the UK was “willing to play its part.”

The Energy Department and the White House did not immediately respond to questions from The Hill about whether the U.S. would participate.

After Russia’s invasion of Ukraine in 2022, the Biden administration announced it would release 180 million barrels from U.S. strategic reserves.

Trump has criticized Biden’s move, saying that the reserve should be used for military purposes, not to lower fuel prices.

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