The International Energy Agency (IEA) said on Tuesday that its member countries continue to hold more than 1 billion barrels of emergency oil reserves despite carrying out the largest coordinated release of strategic crude stocks in history.
The agency said around 290 million barrels have already been released since the initiative was announced on March 11, as governments sought to ease supply concerns and stabilize global oil markets following the U.S.-Israeli conflict with Iran.
The IEA had agreed to make up to 400 million barrels available from strategic stockpiles after the conflict triggered a sharp surge in crude prices and heightened fears of supply disruptions across the Middle East.Oil prices edged higher on Tuesday as traders assessed reports of diplomatic mediation efforts alongside renewed U.S.-Iran attacks and threats by Yemen’s Houthis to impose a naval blockade on Saudi Arabia.
IEA Executive Director Fatih Birol said Gulf oil exports remain below the peak levels recorded in late June but are still significantly higher than volumes seen between early March and mid-June.The agency said the remaining emergency reserves provide member countries with a substantial buffer should supply risks escalate further.
Meanwhile, demand concerns persisted after China’s crude oil imports fell 41.3% in June, reaching their lowest level in nearly a decade.The sharp decline in imports from the world’s largest crude importer highlighted weakening demand, offsetting some of the market’s supply-related concerns.
The IEA said it will continue monitoring both geopolitical developments and global oil demand to assess whether additional action is required.The latest update underscores the agency’s efforts to balance energy security with market stability as geopolitical tensions continue to shape global oil supply and pricing.