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Informist, Wednesday, Mar. 11, 2026

 

--IEA to release 400 mln bbl oil to offset supply loss from Strait of Hormuz 

--IEA: West Asia conflict having significant impact on global oil markets 

--IEA: Asian gas supply affected most by West Asia conflict 

 

NEW DELHI – The International Energy Agency will release 400 million barrels of emergency oil stocks into the market to offset disruption of supply caused by the effective closure of the Strait of Hormuz amid the ongoing West Asia conflict, Executive Director Fatih Birol said on Wednesday.

 

The coordinated release of stock--the largest emergency oil release in its history--was unanimously agreed to by member countries of the IEA following consultations over the past several days, Birol said in a statement from the agency's headquarters in Paris.

 

Birol said the move is aimed at alleviating the immediate impact of disruptions in global energy market.

 

The conflict in West Asia has severely disrupted flows of oil, gas, and other commodities through the Strait of Hormuz, a key transit route that normally carries about 15 million barrels per day of crude oil and another 5 million barrels per day of oil products, or roughly 25% of global seaborne oil trade.

 

With flows through the strait largely halted and storage capacity constrained, several West Asian producers have begun reducing production, while attacks and damage to energy infrastructure have further worsened supply conditions. Refinery disruptions are also affecting supplies of jet fuel and diesel, Birol said.

 

The conflict is also weighing heavily on the global natural gas market. According to Biron, global liquefied natural gas supply has fallen by around 20%, with the loss of cargoes from Qatar and the United Arab Emirates tightening an already constrained market.

 

Asia has been the most severely affected region, with higher-income countries competing aggressively with Europe and other buyers for limited LNG cargoes, while some price-sensitive developing economies are facing shortages and have begun rationing consumption.

 

Despite the emergency release, Birol said that the resumption of normal transit through the Strait of Hormuz remains critical for restoring stability to global oil and gas markets. The IEA will continue to closely monitor market developments and may recommend further actions if necessary, he said.  End

 

Reported by Pallavi Singhal and Ashutosh Pati

Edited by Ashish Shirke

 

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