According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels. Birol noted that the situation in natural gas markets is also very challenging, with Asia the most severely affected region. (AP Photo/Kamran Jebreili, File) via Associated PressMember countries pledge helpGermany, Austria and Japan said earlier Wednesday that they would release parts of their oil reserves in response to the IEA’s request for members to release 400 million barrels. The IEA reserves were established in 1974 following the Arab oil embargo, and IEA member countries currently hold more than 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation. AdvertisementGermany’s economy ministry, Katherina Reiche, said the IEA asked Germany to release 2.64 million tons — roughly 19.7 million barrels — of its oil reserves.

Source: Huffington Post March 11, 2026 22:25 UTC