The Paris-based agency said the massive release will come from emergency reserves held by its member countries. The move surpasses the previous record of 182.7 million barrels released in 2022 after Russia launched its full-scale invasion of Ukraine.
IEA Executive Director Fatih Birol said the decision was necessary as attacks and instability across the region have disrupted oil production, refining operations and shipping routes.
“Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production,” Birol said, adding that damage to energy infrastructure and refinery shutdowns are already affecting supplies of jet fuel and diesel.
The crisis has intensified after Iran responded to recent military strikes by the United States and Israel by targeting commercial vessels and energy infrastructure across the Persian Gulf. Iranian actions have effectively halted cargo traffic through the critical Strait of Hormuz, one of the world’s most important energy chokepoints.
Birol noted that around 15 million barrels of crude oil and another five million barrels of oil products normally pass through the strait each day, accounting for roughly a quarter of global seaborne oil trade. Currently, exports from the region have dropped to less than 10 percent of prewar levels.
Several countries began announcing emergency measures on Wednesday. Germany, Austria and Japan confirmed they will release portions of their national oil reserves following the IEA request.
Germany’s economy minister Katherina Reiche said Berlin would release about 2.64 million tons of oil reserves, with deliveries expected to begin within days. Meanwhile, Austria also confirmed it would draw from its reserves and introduce limits on how often gas stations can increase fuel prices.
The decision follows an emergency meeting of energy ministers from the Group of Seven nations, which include Canada, the United States, France, Italy, Japan, Germany and the United Kingdom.
French President Emmanuel Macron praised the move, noting that the released reserves equal roughly 20 days of the oil normally exported through the Strait of Hormuz. France alone plans to contribute about 14.5 million barrels.
The IEA’s emergency stockpile system was created in 1974 after the 1973 oil crisis to protect global markets from severe supply disruptions.
Birol emphasized that while the reserve release may ease immediate price pressures, restoring stable energy flows will ultimately depend on reopening the Strait of Hormuz and ending the disruptions to regional oil and gas exports.