The International Energy Agency (IEA) has agreed to release 400 million barrels of emergency oil reserves in its largest collective drawdown on record, as governments move to contain a surge in energy prices fuelled by war in the Middle East. The 400m barrel release significantly exceeds the 182.7 million barrels deployed in 2022 following the invasion of Ukraine. While the 2022 action aimed to release 2 million barrels per day (bpd), analysts suggest the potential supply losses from the current crisis could be far greater. Individually, Saudi Arabia has cut production by between 2 million and 2.5 million bpd, while Iraq’s reduction of 2.9 million bpd marks the largest cut on a relative basis. The US Strategic Petroleum Reserve (SPR) currently holds approximately 415 million barrels, just over half its total capacity.

Source: Daily News Egypt March 11, 2026 18:10 UTC