Business Tech
11-03-2026 | 14:35
Global oil alert: IEA considers releasing 400M barrels amid Middle East tensions
Shipping through the Strait of Hormuz plummets, but the Energy Agency says global supplies remain ample. Could a historic oil reserve release be coming?
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Oil storage tanks in Cushing, Oklahoma, United States (Bloomberg).
Two informed sources told Reuters that the International Energy Agency is set to announce its recommendation on releasing oil from strategic reserves.
The sources indicated that the total could reach 400 million barrels.
Fuel tanks belonging to Colonial Pipeline in New Jersey (Bloomberg)
Maritime traffic through the Strait of Hormuz, a crucial waterway carrying about 20 % of the world’s oil and gas supplies, has dropped sharply since the conflict with Iran began on February 28.
Earlier, the Energy Agency confirmed that it does not yet see a need to tap emergency oil reserves amid the Middle East crisis, noting that global oil supplies are ample and the crisis’s impact is likely to be temporary.
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