International Energy Agency says it can release more emergency oil reserves if needed

LootboxPhobia · 2026-03-17T03:20:25+00:00

The International Energy Agency stated that there are additional emergency oil reserves available for release, aimed at addressing the largest supply disruption in history caused by recent Middle East conflicts. Executive Director Birol pointed out that while releasing reserves can help stabilize markets, it is not a long-term solution, and the reopening of the Strait of Hormuz is the key.

LootboxPhobia

2026-03-17 03:20:25

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Investing.com – The International Energy Agency (IEA) has stated that if necessary, the agency has additional emergency oil reserves that can be released. Previously, the agency used its strategic reserves record-breakingly last week.

IEA Director Fatih Birol said in a televised statement that the agency’s recent actions have helped stabilize the market. However, he pointed out that releasing reserves can provide a buffer for now but is not a long-term solution.

Birol emphasized that the most important single factor for oil and natural gas will be the reopening of the Strait of Hormuz, which has been disrupted due to Middle East conflicts. He added that Asian markets are gaining additional oil supplies, as these markets rely heavily on oil flows from the Middle East.

Last week, the IEA stated that due to the war, the oil market is experiencing the largest supply disruption in history.

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