Emergency oil reserves to flow to Asia immediately: IEA
Published Sun, Mar 15, 2026 · 11:56 PM
THE International Energy Agency (IEA) said on Sunday (Mar 15) that oil from a record stockpile release will be made available in Asia immediately as buyers in the region clamour to replace barrels lost to war-related disruptions in the Middle East.
The agency released a statement after receiving implementation plans from member states, which have, in total, pledged to make available 411.9 million barrels.
Governments have committed to make available 271.7 million barrels of oil from government stocks, 116.6 million barrels from obligated industry stocks and 23.6 million barrels from other sources, the IEA said in its statement.
Barrels for Europe and the Americas will be made available only from the end of March.
The IEA last week said that the oil market is seeing the biggest supply disruption in history as a result of the war in the Middle East, which has effectively blocked the vital Strait of Hormuz.
Oil futures closed above US$100 a barrel on Friday and traders are bracing for a tumultuous upcoming week after the US attacked military sites near Iran’s main oil exporting facility over the weekend.
Buyers in Asia are most reliant on flows from the Middle East, so the speed of reserve releases is particularly key for the region.
“This brings unprecedented additional volumes of oil to the market from Mar 16 onward,” IEA executive director Fatih Birol said in a post on X. “However, opening the Strait of Hormuz is vital for a return to stable flows.”
On a global level, about 72 per cent of the current committed volumes are crude oil. BLOOMBERG, REUTERS
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