International Energy Agency (IEA) authorises release of 400 million barrels of oil from strategic reserves

Key facts

• The International Energy Agency (IEA) has agreed to release 400 million barrels of oil from its members’ strategic reserves to counter soaring global energy prices.
• This emergency collective action is significantly larger than the 182 million barrels of oil released by IEA member countries in 2022.
• IEA member countries currently hold more than 1.2 billion barrels of emergency oil stocks and 600 million barrels of industry stocks held under government obligation.
• The United Kingdom (UK) will contribute 13.5 million barrels of oil to the collective release.
• South Korea has announced a contribution of 22.46 million barrels of oil from its strategic reserves.
• Germany, Austria, and Japan have also committed to releasing parts of their oil reserves following the IEA request.
• International benchmark Brent crude oil prices surged by more than 25 percent since 28 February 2026, reaching a peak of $119 per barrel.
• The IEA reserves were established in 1974 following the Arab oil embargo to respond to global oil supply disruptions.