{"id":478343,"date":"2026-03-16T09:08:21","date_gmt":"2026-03-16T09:08:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/478343\/"},"modified":"2026-03-16T09:08:21","modified_gmt":"2026-03-16T09:08:21","slug":"iea-details-how-oil-reserves-release-will-play-out-as-prices-go-over-100-a-barrel","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/478343\/","title":{"rendered":"IEA details how oil reserves release will play out as prices go over $100 a barrel"},"content":{"rendered":"

The International Energy Agency laid out a timeline for when it expects the 400 million barrels of oil<\/a> from its emergency reserves to start flowing from global markets. <\/p>\n

This comes as U.S. oil prices went over $100<\/a> amid the war in Iran. As of Sunday afternoon, U.S. crude\u00a0oil increased by 2.64% to $101.32 per barrel, according to CNBC.<\/p>\n

Individual implementation plans submitted to the IEA<\/a> by member countries indicate that stocks in Asia-Oceania will be made available immediately. Stocks from the Americas and Europe are set to be made available starting at the end of March. <\/p>\n

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Countries committed to a total of 271.7 millions of barrels from government stocks,116.6 million from obligated industry stocks and 23.6 million from other sources.<\/p>\n

Of these, 72% are crude oil, and 28% are oil products. <\/p>\n

According to the IEA, this is the sixth time since the agency\u2019s creation in 1974 that countries have made this move to support oil markets. <\/p>\n

\u201cThe war in the Middle East is creating the largest supply disruption in the history of the global oil market. This emergency collective action, by far the largest ever, provides a significant and welcome buffer,\u201d the IEA said. \u201cBut the most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz.\u201d<\/p>\n

The war\u00a0is causing a chokehold<\/a>\u00a0on the Strait of Hormuz, a major oil shipping lane under Iran\u2019s and Oman\u2019s control. About a fifth of the world\u2019s oil supply moves through the strait. Since the U.S. and Israel\u2019s joint strikes on Iran, which started the war on Feb. 28 vessels in the strait have come under attack. <\/a><\/p>\n

\u2018No guarantees in wars\u2019<\/p>\n

In an interview with ABC News<\/a> Sunday, Energy Secretary Chris Wright said the conflict will \u201ccertainly come to the end in the next few weeks,\u201d which is when \u201cwe\u2019ll see a rebound in supplies.\u201d<\/p>\n

Still, he added: \u201cthere\u2019s no guarantees in wars at all.\u201d<\/p>\n

Speaking to NBC News<\/a> in another interview, Wright said there\u2019s a \u201cvery good chance\u201d gas prices could drop below $3 per gallon by summer.<\/p>\n

President Donald Trump, who also talked to NBC, dismissed concerns about increasing gas prices, saying \u201cI think they\u2019ll go lower than they were before.\u201d<\/p>\n

\u201cThere\u2019s so much oil, gas \u2014 there\u2019s so much out there, but you know, it\u2019s being clogged up a little bit. It\u2019ll be unclogged very soon,\u201d Trump said.<\/p>\n

Still, on Sunday, AAA<\/a> reported that the national average for gas in the U.S. was at $3.699. And GasBuddy analyst Patrick DeHaan<\/a> said on X gas prices could inch closer to an average of $4 a gallon \u2014 and $5 for diesel, in the coming week.<\/p>\n

Trump\u2019s ask for the Strait of Hormuz<\/p>\n

On Saturday, Trump<\/a> urged China, France, Japan, South Korea, the United Kingdom and other countries to send warships to the Strait of Hormuz amid attacks on vessels by Iran. These countries did not<\/a> commit to doing so.<\/p>\n

Asked about this by ABC\u2019s Martha Raddatz, Wright said \u201call nations of the world depend on products that come from the Straits of Hormuz.\u201d<\/p>\n

\u201cChina top on that list. Japan, Korea, all the Asian nations is\u00a0where the energy \u2014 energy that comes out of the Straits of Hormuz flows to,\u201d Wright said. \u201cSo, of course, it\u2019s quite logical to have a broad coalition of the nations of the world work to reopen the straits.\u201d<\/p>\n

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French President Emmanuel Macron said Sunday that he discussed the strait with Iranian President Massoud Pezeshkian.<\/p>\n

\u201cI called on him to immediately put an end to the unacceptable attacks that Iran is carrying out against countries in the region, whether direct or via proxies, as in Lebanon and Iraq,\u201d Macron said<\/a>. \u201cI reminded him that France is intervening within a strictly defensive framework to protect its interests, those of its regional partners, and in favor of freedom of navigation, and that it is unacceptable for our country to be targeted.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The International Energy Agency laid out a timeline for when it expects the 400 million barrels of oil…\n","protected":false},"author":2,"featured_media":478344,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-478343","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/478343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=478343"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/478343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/478344"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=478343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=478343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=478343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}