IEA members agree to release emergency oil reserves

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International Energy Agency (IEA) Executive Director Fatih Birol holds a press conference in Brussels, Belgium, March 6, 2026. /VCG

The International Energy Agency (IEA) has recommended a release of 400 million barrels of oil from stockpiles, the largest such move in IEA history, Executive Director Fatih Birol said on Wednesday.

The 32 member countries unanimously agreed to make available to the market 400 million barrels of oil from their emergency reserves, Birol said at a press conference.

The release would take place over a timeframe appropriate to the national circumstances of each member country, he added.

According to Birol, the IEA secretariat will provide further details of how this collective action will be implemented in due course, and the agency will continue to closely monitor global oil and gas markets.

Source(s): Xinhua News Agency

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