Breaking News: Thirty-two countries will release 400 million barrels of oil to help shore up global supply as the war with Iran rages on. https://t.co/H5l2ibXxKG
— The New York Times (@nytimes) March 11, 2026
The International Energy Agency said Wednesday that member countries had unanimously agreed to release 400 million barrels of oil from their reserves in a bid to ease prices that are soaring due to the Iran war.
“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” IEA Executive Director Fatih Birol said.
The agency did not set out a definitive timeline for when the release — the largest ever by IEA nations — would begin. “The IEA Secretariat will provide further details of how this collective action will be implemented in due course,” a statement said.
Following the IEA announcement, U.S. crude oil traded around $84 per barrel, down only a few dollars from before it, a sign that the market is not expecting this move to provide quick relief or to rapidly increase global supplies.
https://www.nbcnews.com/business/energy/iea-release-400-million-barrels-oil-iran-war-rcna262931
This is now confirmed by:
- NBC News
- CNBC
- CBS News
- Politico
- IEA official press release