Paris, France. The International Energy Agency has recommended releasing 400 million barrels of oil from member states’ stockpiles, the largest such move in its history, as disruption in the Strait of Hormuz pushed crude prices higher.
Japan and Germany confirmed their participation on Wednesday, with the United States expected to be among the largest contributors.
Record IEA-recommended release amid Hormuz disruption
The IEA recommendation follows the US-Israel war on Iran, which has left the Strait of Hormuz virtually impassable and disrupted a major oil export corridor. The conflict, now in its 12th day, has driven crude prices sharply higher, with ripple effects across global energy and transport markets.
Japan plans 80 million-barrel release starting 16 March
Japan plans to release around 80 million barrels from its national and private reserves starting 16 March, Prime Minister Sanae Takaichi said. A Ministry of Economy, Trade and Industry official said Japan would face the greatest impact of any country from a prolonged Hormuz closure, as roughly 70% of its oil imports pass through the strait. If included in a finalised IEA-coordinated release, Japan’s contribution would count toward the 400 million-barrel total.
Germany confirms 19.51 million-barrel contribution
Germany’s Economy Minister Katherina Reiche said Berlin would contribute 19.51 million barrels, equivalent to 2.64 million tonnes. Speaking in Berlin, Reiche said the Strait of Hormuz was currently virtually impassable and said Germany was honouring the IEA’s principle of mutual solidarity among members.
Reiche said there was no current supply shortage in Germany, which holds legally mandated reserves covering 90 days of demand.
Germany outlines domestic fuel-price and competition steps
Reiche said the government planned to limit petrol price increases at filling stations to once per day and to introduce tighter antitrust regulation of the fuel retail sector, without giving a precise timing for either measure.
How do you expect the oil stockpile releases to affect fuel prices in your area?
