IEA Members Weigh Oil Reserve Release Amid Iran War Concerns
The International Energy Agency (IEA) convened an extraordinary meeting on Tuesday, March 10, 2026, to discuss a potential coordinated release of emergency oil stockpiles in response to supply disruptions caused by the ongoing Iran war. The move comes as energy ministers from the Group of Seven (G7) nations also explored options to stabilize global oil markets.
Supply Disruption and Market Response
The Iran war has triggered concerns about potential supply shortages, leading to a surge in oil prices. On Monday, prices reached nearly $120 per barrel before falling more than 11% as the market anticipated a response from international bodies.
IEA and G7 Coordination
The IEA, comprised of more than 30 advanced economies primarily in North America, Europe and Northeast Asia, collectively holds approximately 1.2 billion barrels of oil in reserve, with an additional 600 million barrels held in industry stocks under government obligation 1. The organization is assessing the current security of supply and market conditions to determine whether to make emergency stocks available.
Energy ministers from the G7 – Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States – met earlier on Tuesday to discuss potential solutions. The G7 members are also IEA members 1.
Potential Release Size
Sources indicated that the U.S. Believes a joint release of 300 million to 400 million barrels, representing 25% to 30% of the total 1.2 billion barrels held in reserve, would be an appropriate response 1, 3. However, as of Tuesday, the G7 had stopped short of committing to a release, instead asking the IEA to assess options 2.
Market Impact
The anticipation of a coordinated release contributed to a significant drop in oil prices on Tuesday. Further decisions regarding the release of reserves are expected following the IEA’s assessment.