Revision History

The International Energy Agency has proposed the largest coordinated release of strategic oil reserves in its 52-year history, aiming to flood markets with over 100 million barrels in the first month to counteract soaring crude prices driven by the near-total closure of the Strait of Hormuz amid the U.S.-Israel military conflict with Iran. The plan, which would dwarf the 182-million-barrel release following Russia's 2022 invasion of Ukraine, faces skepticism from analysts who question whether emergency stockpiles can offset a disruption removing roughly 15 million barrels per day from global supply.