Crude oil prices are once again witnessing a rise amid rising tensions in the Middle East. The ongoing conflict between the US and Iran is affecting the global oil market. If crude oil prices continue to remain high in the coming days, the International Energy Agency (IEA) may release additional supplies from its strategic oil reserves. Oil market experts believe that if the price of Brent crude remains above $95 per barrel for a long time, then IEA member countries may decide to release emergency oil reserves.
How much oil reserves does the IEA have?
The International Energy Agency was established in 1974 following the oil crisis. Its mission is to maintain stability in the global energy market and assist member countries in times of major supply crisis. The IEA comprises a total of 32 member countries. According to reports, member countries have over 1.2 billion barrels of public emergency oil reserves. Additionally, industries also have large amounts of excess oil storage available.
Oil reserves have already been opened
The IEA has released oil reserves several times before. Reserves were used to boost oil supply during the 1991 Gulf War, after Hurricane Katrina in 2005, the 2011 Libyan crisis, and the Russia-Ukraine war in 2022. In March 2026, the IEA announced the release of 400 million barrels of oil to balance global supply. However, experts say its full allocation has not yet reached the market.
If crude oil prices rise further, it could have a direct impact on petrol and diesel prices, transportation costs, and inflation. This is also a matter of concern for major oil-importing countries like India. Currently, the entire world is focused on the US-Iran tensions and the oil market’s movements. If crude oil prices spiral out of control in the coming days, the IEA’s emergency reserve could once again prove to be a major step in providing relief to the global market.