By SAMUEL PETREQUIN and KIRSTEN GRIESHABER

 

PARIS, 13 March. - (ANA) - A group representing many of the world’s wealthiest countries agreed to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the Strait of Hormuz.

 

The International Energy Agency said it will make 400 million barrels of oil available from its members’ emergency reserves, which is more than double the 182.7 million barrels that the IEA’s 32 member countries released in 2022 in response to Russia’s full-scale invasion of Ukraine.

 

According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels. Birol noted that the situation in natural gas markets is also very challenging, with Asia the most severely affected region.

 

“There are few options to replace the missing LNG cargoes from Qatar and the Emirates,” he said. “Global energy supply has been reduced by around 20%.”

 

 

 

 

The IEA’s announcement came a day after energy ministers from the Group of Seven — the leading industrialized nations of Canada, the United States, France, Italy, Japan, Germany and Britain — met in Paris to look at ways to bring down prices. It also came just before G7 leaders, including U.S. President Donald Trump, met Wednesday via videoconference.

 

During his introductory remarks during Wednesday’s video call, French President Emmanuel Macron praised the IEA decision to release emergency oil stocks, saying it is “very important” to do everything possible to increase global production and that the 400 million barrels amounted to the equivalent of “20 days of the volume being exported through the Strait of Hormuz.”

 

The amount pledged by the G7 nations alone comprises 70% of the total, including 14.5 million barrels France will contribute, Macron said, noting that the IEA decision was prepared at the G7 level.   - (ANA) -

 

AB/ANA/13 March 2026 - - -