If crude oil becomes expensive, IEA’s emergency reserve may open. Keeping an eye on the preparations of 32 countries

Amid increasing tension in the Middle East, crude oil prices are once again rising. The ongoing conflict between America and Iran is impacting the global oil market. If crude oil prices remain at a high level 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 on releasing emergency oil reserves.

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How much oil reserves does the IEA have?

The International Energy Agency was established in 1974 after the oil crisis. Its objective is to maintain stability in the global energy market and to help member countries in times of major supply crises. IEA consists of a total of 32 member countries. According to reports, the countries associated with this organization have more than 1.2 billion barrels of public emergency oil reserves. Apart from this, industries also have a large amount of additional oil storage available.

Oil reserves have already been opened

IEA has released oil reserves several times before. Reserves were used to increase the supply of oil to the market during the 1991 Gulf War, after Hurricane Katrina in 2005, during the 2011 Libyan crisis and during the Russia-Ukraine war in 2022. Even in March 2026, the IEA had announced the release of 400 million barrels of oil, so that the supply in the global market could be balanced. But according to experts, its entire allotment has not yet come in the market.

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If crude oil prices increase further, it can have a direct impact on petrol-diesel prices, transport costs and inflation. This is also a matter of concern for big oil importing countries like India. At present, the eyes of the whole world are fixed on the US-Iran tension and the movement of the oil market. If crude prices go out of control in the coming days, the IEA’s emergency reserve could once again prove to be a big step to provide relief to the global market.

Report: Kalpana Pandey