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After deliberating and assessing the global oil market situation in the face of Middle Eastern conflicts stemming from the United States’ attack on Iran, 32 different developed nations agreed to make an “unprecedented” move to help address “oil market challenges.”
The International Energy Agency (IEA) held an emergency meeting at its Paris headquarters Tuesday with energy representatives from the cohort of G7 countries, to “assess market conditions,” which IEA Executive Director Fatih Birol says “have been significantly affected by the conflict in the Middle East.”
After that meeting Thursday, the 32 member countries of the IEA unanimously agreed to collectively release the largest quantity of emergency oil reserves they ever have as a coalition, amounting to 400 million barrels.
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“The oil market challenges we are facing are unprecedented in scale, therefore, I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size,” Birol said after the announcement about the release of the emergency oil reserves.
“Oil markets are global, so the response to major disruptions needs to be global too.”
International Energy Agency Executive Director Fatih Birol in Paris March 10, 2026. (Ludovic Marin/AFP via Getty Images)
President Donald Trump touted the IEA agreement during remarks in Kentucky Wednesday afternoon, saying the move “will substantially reduce oil prices.”
Before the outbreak of war with Iran, oil was trading in the range of $60 to $70 a barrel, but prices soared after the conflict began, with crude oil futures reaching upward of $115 a barrel on Monday, the highest level since 2022, when Russia invaded Ukraine. However, some experts suggest the market is correcting itself already from an initial scare that the conflict in the Middle East would have a major impact…
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