The International Energy Agency is releasing 400 million barrels of emergency oil amid the global oil crisis sparked by the Iran war.

Crude Oil Shipments In The Persian Gulf

The IEA is releasing 400 million barrels of emergency oil (Image: Getty)

The International Energy Agency agreed to release 400 million barrels of oil from its emergency reserve amid the ongoing global oil crisis sparked by the Iran war.

In a statement, the IEA said the 32 member countries of the organization unanimously agreed to release the emergency barrels from its reserves “to address disruptions in oil markets stemming from the war in the Middle East.”

“The decision to take emergency collective action was made following an extraordinary meeting of IEA Member governments yesterday, convened by the IEA Executive Director to assess market conditions amid the conflict in the Middle East and consider the options to address supply disruptions,” the statement reads.

 

IEA Executive Director Fatih Birol said the challenges the oil market is currently facing are “unprecedented in scale.

“I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” Birol said in the statement.

Gasoline Prices Continue To Rise Due To Iran Conflict

Gas prices have surged across America amid the global oil crisis (Image: Getty)

“Oil markets are global, so the response to major disruptions needs to be global too,” she continued. “Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”

The emergency stocks will reportedly be made available to the global market over a timeframe “that is appropriate to the national circumstances of each Member country.” Some countries will receive additional emergency measures, the organization said.

IEA members collectively have over 1.2 billion barrels in emergency stockpiles, with a further 600 million of industry stocks held under government obligation, per the organization.

The coordinated stock release is the sixth in the history of the organization, which was founded in 1974. Previous collective actions occurred in 1991, 2005, 2011 and twice in 2022 after Russia launched its all-out war against Ukraine, hoping to annex the former Soviet nation.

“The conflict in the Middle East that began on 28 February 2026 has impeded oil flows through the Strait of Hormuz, with export volumes of crude and refined products currently at less than 10% of pre-conflict levels,” the IEA statement says. “This is forcing operators across the region to shut in or curtail a substantial amount of production.”

 

Data from the IEA indicates that an average of 20 million barrels passed through the Strait of Hormuz each day in 2025, which accounted for about 25% of the world’s seaborne oil trade. Options for oil flows to bypass the Strait of Hormuz are limited.

The IEA said its secretariat will provide further details about how the collective action will be implemented in due course, and continue to closely monitor global oil and gas markets to provide recommendations for member governments as needed, according to the statement.