International Energy Agency: Record-breaking crude oil reserves will be released immediately into the Asian market, while Europe and the US will have to wait until the end of March.

PANews reported on March 15th that, according to Jinshi, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill the gaps in oil supplies disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. The IEA stated last week that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz shipping lanes. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the total committed oil release is crude oil, and 28% is petroleum products.