Global Oil Reserves Tapped as Prices Surge Amidst Iran Conflict
Dozens of countries are releasing oil from their strategic reserves in an unprecedented effort to stabilize global markets and curb rising prices, spurred by escalating tensions following attacks involving the US and Israel in Iran. The coordinated release, involving 32 members of the International Energy Agency (IEA), represents the largest collective draw from emergency stockpiles in history.
Record Release of Strategic Reserves
The IEA member states will collectively release 400 million barrels of oil onto the market, exceeding the previous record set after Russia’s invasion of Ukraine in early 2022. While a significant volume, experts caution that this release represents only a short-term solution, equating to roughly three to four days of global supply or a fortnight’s worth of normal shipments from the Strait of Hormuz .
Netherlands Contributes to Effort
The Netherlands is participating in the IEA initiative, committing to release 5.4 million barrels, approximately one-fifth of its emergency reserve. The country stores petrol and diesel within its borders, while kerosene and crude oil stocks are likewise held in Belgium and Germany . The Netherlands maintains a total oil reserve equivalent to 90 days of domestic consumption.
Context: US-Israel War with Iran and Supply Disruptions
The surge in oil prices is directly linked to the ongoing conflict involving the US and Israel in Iran. This has led to a near-complete halt in oil exports through the Strait of Hormuz, a critical waterway for global oil supply, accounting for 25% of all seaborne oil shipments . The oil price has increased by nearly a quarter since the start of the conflict.
Dutch Oil Reserves and Consumption
As of 2025, the Netherlands holds proven oil reserves of 10,693,000 barrels, ranking 90th globally and representing approximately 0.00061% of the world’s total . In 2024, the Netherlands produced 81,888 barrels of oil per day, while consuming 817,866 barrels per day, resulting in a daily deficit of 735,978 barrels . The country relies heavily on oil imports, covering 116% of its consumption.
Strategic Gas Reserve Considerations
Alongside the oil reserve release, Dutch gas company Gasunie has called for the creation of a strategic gas reserve, highlighting broader concerns about energy security .
Looking Ahead
The release of strategic oil reserves is intended as a temporary measure to alleviate immediate price pressures. The long-term stability of the oil market will depend on the resolution of the conflict in Iran and the restoration of normal oil flows through the Strait of Hormuz. The IEA’s ability to repeat such a large-scale release is limited, as it represents a significant portion of the collective stockpiles held by member nations.