BAKU, Azerbaijan, October 7. Governments of International Energy Agency (IEA) member countries have supported accelerating the release of oil stocks to help ease rising fuel prices linked to disruptions caused by the closure of the Strait of Hormuz.
IEA Executive Director Fatih Birol said member governments reaffirmed their commitment to the March 2026 collective action, under which countries agreed to release 400 million barrels of oil from emergency reserves in response to supply disruptions.
According to Birol, around 325 million barrels have already been released under the agreement. Releasing the remaining pledged stocks that have not yet entered the market would bring an additional 100 million barrels of oil to consumers.
Birol said some IEA members have released volumes exceeding their initial commitments. He added that IEA countries still hold significant publicly owned emergency reserves, estimated at around 1.1 billion barrels, including more than 200 million barrels of diesel.
The announcement follows a decision by the G7 to release 100 million barrels of oil, as governments seek to contain the impact of supply disruptions and rising fuel costs.
The measures come amid continued disruption to energy flows through the Strait of Hormuz, a major global oil transit route.
