by Emmitt Barry, Worthy News Washington D.C. Bureau Chief
(Worthy News) – The International Energy Agency (IEA) announced Wednesday that member nations will release 400 million barrels of oil from emergency reserves, the largest coordinated drawdown in the agency’s history, as the war with Iran disrupts global energy supplies.
The move comes as tanker traffic through the Strait of Hormuz—responsible for about 20 percent of the world’s oil shipments—has slowed dramatically following attacks on commercial vessels and reports that Iran has laid naval mines in the strategic waterway.
IEA Executive Director Fatih Birol said the decision was made unanimously by the agency’s 32 member countries to stabilize markets and counter the disruption.
“The oil market challenges we are facing are unprecedented,” Birol said. “IEA countries have agreed to launch the largest ever release of emergency oil stocks in our history.”
The 400-million-barrel release more than doubles the previous record set in 2022 after Russia’s invasion of Ukraine.
Oil prices surged after the conflict began on Feb. 28, briefly climbing above $100 per barrel before easing as governments signaled plans to release reserves. U.S. crude was trading near $86 per barrel Wednesday.
Analysts warn the reserve release may only stabilize markets temporarily if the conflict continues, as the Strait of Hormuz normally carries about 20 million barrels of oil per day to global markets.
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