IEA backs emergency oil stock release as IMF warns of lasting price pressures

The International Energy Agency (IEA) on Wednesday agreed to accelerate the release of approximately 100 million barrels of remaining emergency oil and diesel stocks to cool surging fuel prices caused by the ongoing US-Iran conflict and disruptions in the Gulf.

Under the plan, the IEA will place approximately 100 million barrels of oil onto the market after member nations green-lighted the completion of previously announced stock releases "as soon as possible." To date, about 325 million barrels of oil have been released under the March 2026 collective action, with some countries releasing more than they initially pledged, the IEA said.