Paris, France: The International Energy Agency (IEA) said on Thursday that the total volume of oil stocks to be released by its members would exceed the initially pledged 400 million barrels to address tightness in global oil markets.
In a statement, the IEA Governing Board reaffirmed its commitment to continue delivering on the collective action pledged in March 2026 in response to the Strait of Hormuz crisis. It confirmed that approximately 330 million barrels of oil had been released so far.
The Governing Board agreed to complete the release of the remaining approximately 100 million barrels promptly, in line with national circumstances, the statement said.
Some IEA members have released larger volumes than initially pledged in March, while others intend to do so, bringing the total volume of stocks to be released beyond the original 400 million barrels, the statement said.
The Governing Board also agreed to accelerate the release of the remaining volumes, with specific plans already in place, including releasing more than 20 million barrels of diesel as soon as possible.
On March 11, the 32 members of the IEA unanimously agreed to make available to the market 400 million barrels of oil from their emergency reserves, the largest such release in the IEA's history.
