The IEA confirms that, following the agreement announced on 11 March for the IEA Member countries to make 400 million barrels of oil available to the market, initial volumes of oil from the emergency reserves have already started to be made available. The Governing Board of the IEA met March 18 to review the situation in energy markets and the implementation of the collective action.
As detailed in the table below, the overall release of emergency stocks will largely consist of crude oil, while in Europe the contributions will primarily take the form of refined oil products. This is being complemented by additional production from countries in the Americas. The detailed split between crude oil and refined products, and volumes coming from public stocks or the lowering of obligations set on industry, remain subject to change as countries refine the specific details of their country’s contribution.Contribution to the IEA Collective Action agreed on 11 March 2026 (in mb)
|
Country |
Total contribution |
Public stocks |
Obligated industry stocks |
Production increase |
Crude oil |
Oil products |
|---|---|---|---|---|---|---|
| Australia | 4.8 | - | 4.8 | - | - | 4.8 |
| Austria | 2.4 | 2.4 | - | - | 2.4 | - |
| Belgium | 0.3 | details not yet available | ||||
| Canada | 23.6 | - | - | 23.6 | 23.6 | |
| Czech Republic | 2.2 | 2.2 | - | - | 2.2 | - |
| Denmark | 1.2 | 1.2 | - | - | - | 1.2 |
| Estonia | 0.3 | 0.3 | - | - | - | 0.3 |
| Finland | 1.8 | details not yet available | ||||
| France | 14.6 | details not yet available | ||||
| Germany | 19.5 | 19.5 | - | - | details not yet available | |
| Greece | 2.0 | details not yet available | ||||
| Hungary | 6.1 | 6.1 | - | - | - | 6.1 |
| Ireland | 1.7 | 1.7 | - | - | 0.2 | 1.5 |
| Italy | 10.0 | - | 10.0 | - | - | 10.0 |
| Japan | 79.8 | 54.0 | 25.8 | - | 54.0 | 25.8 |
| Korea | 22.5 | details not yet available | ||||
| Latvia | 0.3 | details not yet available | ||||
| Lithuania | 0.6 | - | 0.6 | - | - | 0.6 |
| Luxembourg | 0.1 | - | 0.1 | - | 0.1 | - |
| Mexico | 3.9 | - | - | 3.9 | 3.9 | - |
| Netherlands | 5.4 | details not yet available | ||||
| New Zealand | 1.6 | 1.6 | - | - | 1.3 | 0.3 |
| Norway | 0.4 | - | 0.4 | - | - | 0.4 |
| Poland | 7.5 | - | 7.5 | - | 6.0 | 1.5 |
| Portugal | 2.0 | - | 2.0 | - | - | 2.0 |
| Spain | 11.6 | - | 11.6 | - | - | 11.6 |
| Sweden | 2.1 | - | 2.1 | - | - | 2.1 |
| Türkiye | 11.7 | - | 11.7 | - | 3.6 | 8.1 |
| United Kingdom | 14.0 | - | 14.0 | - | 4.3 | 9.7 |
| United States | 172.2 | 172.2 | - | - | 172.2 | - |
| Total IEA | 426 | 280 | 119 | 28 | 301 | 125 |
Breakdown by public/obligated industry stocks and by crude/products are not final and are subject to change
IEA collective action of 11 March 2026 (Excel file)
This is the sixth time that IEA Member countries have taken emergency collective action to support oil markets in the history of the IEA, which was created in 1974. Previous collective actions were taken in 1991, 2005, 2011, and twice in 2022.
The war in the Middle East is creating the largest supply disruption in the history of the global oil market. The IEA emergency collective action, by far the largest ever, provides a significant and welcome buffer. But the most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz. Adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows.
For further information, the latest remarks by IEA Executive Director Fatih Birol are available here, and the IEA’s most recent monthly Oil Market Report, published on 12 March and freely available in full for all readers, is available here.
Source: IEA
