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Iran Live Updates: Japan and Germany to Release Oil Reserves as Strait of Hormuz Attacks Escalate
The Strait of Hormuz, a conduit for a fifth of the world’s oil, is all but closed as war in the Middle East expands. A British agency said three ships were hit by unidentified projectiles in or near the strait.
World leaders were racing on Wednesday to shore up the global oil supply as war in the Middle East and retaliatory attacks by Iran threaten to choke off the Strait of Hormuz, through which a fifth of the world’s oil transits.
The International Energy Agency said that its 32 member countries would release 400 million barrels of oil from their strategic reserves, the largest ever and the first such coordinated action since 2022, after Russia’s full-scale invasion of Ukraine.
IEA agrees to release record 400 million barrels of oil to address Iran war supply disruption
The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization's history.
The IEA did not set out a timeline for when the stocks would hit the market. It said that the reserves would be released over a timeframe that is appropriate to the circumstances of each of its 32 member countries.
IEA members are primarily advanced economies in Europe, North America and Northeast Asia. The organization is tasked with maintaing global energy security. It was founded in 1974 in response to the oil embargo imposed by Arab producers over U.S. support for Israel during the 1973 Arab-Israeli war.
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Countries agree on historic release of crude reserves to lower oil and gasoline prices
Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the latest turmoil in the Middle East.
“IEA countries will be making 400 million barrels of oil available… to the market to offset the supply lost through the effective closure of the Strait (of Hormuz),†IEA executive director Fatih Birol said in live remarks broadcast via the agency’s website.
“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 (natural) gas is the resumption of transit through the Strait of Hormuz,†Birol added.
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