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IEA Proposes Largest Ever Oil Release From Strategic Reserves
Countries to decide on unprecedented move to tame crude prices amid U.S.-Israel conflict with Iran.
Published on Mar. 11, 2026
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The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared during the U.S.-Israel war with Iran, officials familiar with the matter said. The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine.
Why it matters
Oil prices have spiked globally due to supply disruptions caused by the U.S.-Israel conflict with Iran, putting pressure on consumers and economies worldwide. The IEA's proposed record-setting oil release from strategic reserves aims to stabilize global energy markets and provide relief to oil-dependent nations.
The details
The IEA's proposal was circulated at an emergency meeting of energy officials from the IEA's 32 member countries on Tuesday. If approved, the release would surpass the previous record of 182 million barrels released in 2022 during the Russia-Ukraine war.
- The IEA meeting took place on Tuesday, March 10, 2026.
- Countries will decide on the proposed oil release on Wednesday, March 11, 2026.
The players
International Energy Agency (IEA)
An autonomous intergovernmental organization that works to ensure reliable, affordable and clean energy for its 32 member countries.
What’s next
Countries will vote on Wednesday, March 11, 2026 whether to approve the IEA's proposed record-setting oil release from strategic reserves.
The takeaway
The IEA's unprecedented proposal to release a massive amount of oil from global strategic reserves underscores the severe supply disruptions and price pressures caused by the ongoing U.S.-Israel conflict with Iran, which has sent shockwaves through the international energy market.
