IEA to recommend release of 100M+ barrels from strategic reserves over first month

Two sources with knowledge of IEA discussions told Reuters that the International Energy Agency is recommending a release of oil from strategic reserves that would exceed 100 million barrels over the first month. The IEA did not immediately respond to a request for comment. The 100M+ barrel recommendation comes as the Iran war has significantly disrupted global oil supply through Hormuz closure, Gulf refinery strikes, and reduced Gulf state production. A 100 million barrel release would be one of the largest coordinated strategic reserve releases in history — the IEA's largest previous release was 60 million barrels in 2022 following Russia's invasion of Ukraine, with a second 120 million barrel release later that year. The 30 IEA member states hold a combined 1.2 billion barrels of emergency stocks. A 100M barrel release over 30 days equals approximately 3.3 million barrels per day of additional supply — partially offsetting the 6.5 million barrel per day Gulf output reduction but not fully compensating for it. Oil had already fallen to $87.80 on this news and the US destruction of Iranian mine-laying vessels.