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Global Oil Supply Declines, IEA Releases Emergency Oil Reserves

Adi Ahdiat 16/03/2026 14:56 WIB

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The global oil supply has decreased by 8 million barrels per day due to the turmoil in the Strait of Hormuz. To address this disruption, the IEA will release 400 million barrels of oil reserves.

The Global Oil Supply Lost per Day and Emergency Oil Reserves Provided by the IEA (March 2026)

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The Global Oil Supply Lost per Day and Emergency Oil Reserves Provided by the IEA (March 2026)

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According to the International Energy Agency (IEA), the global oil supply decreased in March 2026.

This happened due to the United States-Israel war against Iran, which disrupted oil shipments via the Strait of Hormuz.

"Global oil supply is projected to plunge by 8 million barrels per day in March," said the IEA in its March 2026 Oil Market Report.

In response to this situation, IEA member countries stated that they would release 400 million barrels of emergency oil reserves to address supply disruptions.

"Oil from the IEA emergency reserves will soon start flowing to global markets," said the IEA in a press release on March 15, 2026.

"Stocks will be made available by IEA Member countries in Asia Oceania immediately, while stocks from IEA Member countries in the Americas and Europe will be made available starting from the end of March," they said.

However, these reserves cannot last long-term.

If the global oil supply loss reaches 8 million barrels per day, then the IEA's total emergency reserves of 400 million barrels can only cover the supply shortage for 50 days.

The IEA stated that the global oil market will only stabilize if oil shipments via the Strait of Hormuz resume.

"The most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz," said the IEA.

"Adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows," they continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Oil Supply Declines, IEA Releases Emergency Oil Reserves

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