Stories

Wed, 11 Mar 2026

Wed, 11 Mar 2026 Countries agree to record release of emergency oil reserves as prices surge

The G7 group of nations welcomes the idea of releasing oil in response to the surge in prices since the US-Israel war with Iran began

* Dozens of countries have agreed to release 400 million barrels of oil from their emergency reserves to combat supply shortages and soaring prices.
* This amount is a record, more than double the previous record set after Russia's invasion of Ukraine in early 2022.
* The oil will be released by all 32 members of the International Energy Agency (IEA), including major economies like the US, UK, and other top oil-producing countries.
* The release is intended to address supply disruptions caused by the US-Israel war with Iran, which has halted oil exports through the Strait of Hormuz.
* Experts say the move will only provide a short-term solution and that prices may not fall significantly due to ongoing shortages and refining capacity issues.
* The IEA's member countries hold over 1.2 billion barrels in emergency stockpiles, but releasing a third of these stocks is not something they can repeat frequently.
* Energy analysts have warned that the release will only provide around three or four days' worth of global supply, or roughly two weeks' worth of what would normally be shipped through the Strait of Hormuz.