Mumbai, March 11 -- The 32 member countries of the International Energy Agency (IEA) have agreed to release 400 million barrels of oil from emergency reserves. This collective action is intended to address market disruptions resulting from the conflict in the Middle East that began on 28 February 2026.

The decision follows an extraordinary meeting of IEA governments to assess global supply conditions. Exports of crude and refined products through the Strait of Hormuz have fallen to less than 10 percent of levels recorded before the conflict, leading operators to curtail regional production.

The Strait of Hormuz is a critical corridor for global energy, with an average of 20 million barrels per day transiting the waterway in 2025. This v...