Asia-Oceania Nations Begin Emergency Oil Release to Stabilize Markets

(MENAFN) The International Energy Agency (IEA) has confirmed that member countries in Asia and Oceania will release oil from their emergency reserves immediately to help stabilize global markets, as stated by reports.

According to the IEA, oil from these emergency reserves will begin flowing into international markets soon, with participating countries having already submitted individual plans detailing the release. Reserves held in the Americas and Europe are expected to be made available starting at the end of March.

The agency noted that its 32 member nations unanimously agreed on March 11 to release a total of 400 million barrels of oil in response to supply disruptions caused by the ongoing Middle East conflict. Of this total, 271.7 million barrels come from government stocks, 116.6 million barrels from industry obligations, and 23.6 million barrels from other sources. Seventy-two percent of the release consists of crude oil, with the remaining 28 percent being refined petroleum products.

"The war in the Middle East is creating the largest supply disruption in the history of the global oil market," the IEA said. The agency added that this coordinated action marks the largest collective emergency release to date and will serve as a crucial buffer for global oil supply. It also emphasized that reopening the Strait of Hormuz remains essential for fully stabilizing oil markets.

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