Wealthy Nations Pledge Record Release of Emergency Oil Reserves

The IEA will make 400 million barrels of oil available to counter the effects of the Iran war on energy markets.

Mar. 13, 2026 at 1:05am

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A group representing many of the world's wealthiest countries agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz. The International Energy Agency said it will make 400 million barrels of oil available from its members' emergency reserves, more than double the amount released in 2022 due to Russia's invasion of Ukraine.

Why it matters

The release of emergency oil reserves is an attempt to stabilize global energy markets that have been severely disrupted by the ongoing conflict between Iran and the U.S. and its allies. The closure of the Strait of Hormuz, a critical chokepoint for global oil shipments, has led to a significant reduction in export volumes, driving up prices and threatening economic stability.

The details

The IEA's announcement came after energy ministers from the Group of Seven leading industrialized nations met to discuss ways to bring down fuel prices. The U.S. also said it would tap into its Strategic Petroleum Reserve, releasing 172 million barrels of oil as part of the IEA's effort. However, experts warn that the release of reserves is only a temporary solution and that the underlying problem of the conflict in the Strait of Hormuz must be resolved.

  • The IEA announced the release of 400 million barrels of oil on March 13, 2026.
  • The U.S. will begin releasing 172 million barrels of oil from its Strategic Petroleum Reserve next week, with delivery expected to take around 120 days.

The players

International Energy Agency (IEA)

An international organization that coordinates energy policies among its 32 member countries, including many of the world's wealthiest nations.

Donald Trump

The former President of the United States, who said his administration would tap the U.S. Strategic Petroleum Reserve to try and reduce gasoline prices.

Chris Wright

The U.S. Secretary of Energy, who confirmed the U.S. would release 172 million barrels of oil from the Strategic Petroleum Reserve as part of the IEA's effort.

Fatih Birol

The executive director of the Paris-based IEA, who said the release of emergency oil reserves is a major action to alleviate the immediate impacts of the disruption in energy markets.

Emmanuel Macron

The President of France, who praised the IEA's decision to release emergency oil stocks and noted that the G7 nations would contribute 70% of the total.

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What they’re saying

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets. But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”

— Fatih Birol, Executive Director, International Energy Agency

“Well, we'll do that and then we'll fill it up.”

— Donald Trump (WKRC Local 12)

“You're depleting stocks now. That's always the catch-22. You're selling them today but that means you can't sell them tomorrow because they're gone.”

— Kenneth Medlock, Senior Director, Center for Energy Studies at Rice University

What’s next

The U.S. will begin releasing 172 million barrels of oil from the Strategic Petroleum Reserve next week, with delivery expected to take around 120 days. The administration will then work to replace about 200 million barrels in the next year.

The takeaway

The coordinated release of emergency oil reserves by the world's wealthiest nations is a significant step to try and stabilize global energy markets and provide relief to consumers facing high fuel prices. However, experts warn that this is only a temporary solution, and the underlying issue of the conflict in the Strait of Hormuz must be resolved for a lasting impact.