On March 11, the International Energy Agency decided to release a record volume of oil from government reserves — 400 million barrels, which accounts for a third of the total reserves, as reported by The Guardian.
All 32 member countries unanimously supported this move, aimed at mitigating the impact on the global oil market, which has been under pressure due to the conflict between the US and Israel with Iran and the closure of the Strait of Hormuz, through which 25% of the world's oil supplies pass.
Earlier, Japanese authorities announced that starting March 18, about 80 million barrels from their government and private reserves would be released onto the market. Germany also confirmed that it would release 19.51 million barrels of oil as part of the agreed plan of the International Energy Agency.
Energy ministers from G7 countries expressed support for the initiative to use strategic oil reserves. For its part, US Energy Secretary Chris Wright stated that the country would allocate 172 million barrels from its strategic reserve.
In an official statement from the US Department of Energy on social media platform X, it was noted: "President Trump authorized the Department of Energy to release 172 million barrels from the strategic oil reserve." Deliveries are expected to begin next week and last for approximately 120 days.
Wright also added that over the next year, about 200 million barrels are planned to be purchased, which is 20% more than the volume of released oil.
It is worth noting that the last time the International Energy Agency implemented such a measure was in 2022, when military actions by Russia in Ukraine began, and 182 million barrels were released onto the market at that time.
Currently, the global market is losing about 15 million barrels of oil daily due to trade restrictions through the Strait of Hormuz.
