Overview
- All 32 IEA member countries agreed to the largest coordinated stock draw in the agency’s history, with timing and daily release rates to be detailed later.
- Japan will begin releasing reserves as early as March 16, including 15 days of private stocks and one month of national reserves, while Germany and Austria confirmed participation and the UK pledged 13.5 million barrels.
- G7 energy ministers voiced support for using strategic reserves, as governments coordinate steps to steady markets during the Gulf shipping freeze.
- Tanker traffic through the Strait of Hormuz remains largely halted with fresh reports of ships hit by projectiles, and the IEA says crude and product exports are under 10% of pre-war levels.
- Oil prices have swung from nearly $120 to below $90 per barrel this week, and analysts warn that even a 400 million-barrel draw cannot quickly replace multi‑million‑barrel‑per‑day flows normally moving through Hormuz.