Oil storage containers and pipelines at an oil terminal in Alberta, Canada. (Jason Franson/Bloomberg)
March 19, 2026 3:23 PM, EDT
Key Takeaways:
- The IEA launched a major coordinated release of emergency oil reserves as the Iran war disrupts shipments through the Strait of Hormuz.
- The action matters because the release exceeds hundreds of millions of barrels, with the U.S., Japan, Canada and South Korea providing the largest shares to ease volatile markets.
- Officials said the drawdown is a temporary buffer while diplomatic and military efforts focus on restoring safe passage through the region.
Japan, Canada and South Korea will be among the largest contributors to a coordinated release of emergency oil stockpiles announced by the International Energy Agency as the Iran war continues to disrupt global energy flows. The move is aimed at easing pressure on crude and fuel markets following weeks of shipping disruptions in the Strait of Hormuz, a key artery for global oil trade.
The IEA said the release will largely consist of crude oil, though contributions from European countries will primarily take the form of refined petroleum products such as diesel and gasoline. The agency said the drawdown will be supplemented by increased production from countries in the Americas, underscoring the central role of North American supply in stabilizing markets.
The United States will account for the largest share, committing more than 170 million barrels from its Strategic Petroleum Reserve. Japan is set to provide nearly 80 million barrels, while Canada and South Korea will each contribute more than 20 million barrels, according to IEA data. Several European nations, including Germany, France, the United Kingdom and Italy, also are participating with smaller volumes drawn from national reserves.
While the combined release represents one of the largest coordinated stockpile actions in IEA history, officials have emphasized that it is intended as a temporary buffer rather than a long-term solution. Oil shipments through the Strait of Hormuz normally account for about one-fifth of global consumption, meaning prolonged disruptions could strain supplies even as emergency reserves are tapped.
Energy markets have remained volatile since the conflict escalated in late February, with crude prices climbing sharply as tanker traffic slowed and insurers raised rates for vessels operating near the Persian Gulf. The IEA said the timing and scale of the release are designed to provide immediate relief to consuming nations while diplomatic and military efforts continue to focus on restoring safe passage through the region.
Oil Stocks by Country (Million Barrels)
Country
Million Barrels
Australia
4.8
Austria
2.4
Belgium
0.3
Canada
23.6
Czech Republic
2.2
Denmark
1.2
Estonia
0.3
Finland
1.8
France
14.6
Germany
19.5
Greece
2.0
Hungary
6.1
Ireland
1.7
Italy
10.0
Japan
79.8
Korea
22.5
Latvia
0.3
Lithuania
0.6
Luxembourg
0.1
Mexico
3.9
Netherlands
5.4
New Zealand
1.6
Norway
0.4
Poland
7.5
Portugal
2.0
Spain
11.6
Sweden
2.1
Türkiye
11.7
United Kingdom
14.0
United States
172.2
Total IEA
426
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Joe Carroll contributed to this report.
