On Wednesday 11 March, the 32 member countries of the International Energy Agency (IEA), which include a majority of EU Member States, agreed to release 400 million barrels of oil from their emergency reserves (1.2 billion barrels in total) to offset the disruption to oil markets caused by the conflict in the Middle East.
As explained by the IEA’s Executive Director, Fatih Birol, this is the largest coordinated release in the Agency’s history, following six previous actions, the two most recent of which took place in 2022 following Russia’s invasion of Ukraine.
This decision was welcomed by the European Commissioner for Energy, Dan Jørgensen, who explained on X that the Commission was continuing to “coordinate actions between EU Member States and in cooperation with the IEA”. He added that the oil coordination group would be meeting the following day, Thursday 12 March.
This group will provide an update on Member States’ intentions. In line with the 2009 Directive on oil reserves, the latter “may release volumes individually, on a voluntary basis, and will have to take account of their national situation. They must immediately inform the Commission”, said a spokeswoman for the institution.
Earlier in the day, German Economics Minister Katherina Reiche said that 2.4 million tonnes of petroleum products would be taken from German reserves (which stand at around 19.5 million tonnes), according to AFP.
Ireland has announced a contribution of 1.6 million barrels, equivalent to around 10.5 days’ supply.
At the opening of a meeting of G7 leaders, French President Emmanuel Macron suggested that his partners call on other countries not to restrict oil and gas exports, restrictions “that could destabilise the markets”. France’s contribution to the unlocking of oil reserves could reach 14.5 million barrels.
However, the IEA’s announcement was not enough to calm the markets, which are not convinced that the decision will alleviate the consequences of the lack of supply through the Strait of Hormuz.
Oil prices continued to rise on Wednesday on fears of a prolongation of the conflict, with Brent crude trading above $91 a barrel. (Original version in French by Pauline Denys)