How much oil did the IEA previously release to address the Middle East war?

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The International Energy Agency Previously Released 400 Million Barrels of Oil

The International Energy Agency (IEA) previously announced a coordinated release of 400 million barrels of oil from member countries' strategic reserves. This significant allocation was implemented earlier this month to mitigate the impact of the ongoing Middle East war on global oil markets. The agency has indicated that this quantity represents approximately 20% of their total available stocks, with substantial reserves still held.
Largest Ever Coordinated Release

The 400 million barrel drawdown constitutes the largest coordinated release from IEA member countries' reserves to date. This action was specifically aimed at easing supply concerns and stabilising prices in response to the conflict in the Middle East. The agency highlighted that this measure was taken to address a "serious energy security threat."
Significant Reserves Remain Available

Despite the substantial release of 400 million barrels, the IEA has stated that a considerable volume of oil remains in its member countries' reserves. Fatih Birol, the head of the IEA, clarified that the released amount accounted for only 20% of their total stocks. This suggests that further releases are possible if market conditions necessitate additional intervention.
Readiness for Further Action

The IEA has expressed its readiness to implement an additional release of oil reserves if the situation in the Middle East continues to escalate or if deemed necessary. This stance was communicated by Fatih Birol, who indicated that the agency is prepared to act further to safeguard global energy security. However, he also conveyed a hope that such additional measures would not be required.

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How much oil did the IEA previously release to address the Middle East war?

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