The International Energy Agency will release 400 million barrels of oil from strategic reserves due to the crisis stemming from the war with Iran

The International Energy Agency (IEA) agreed this Wednesday to release 400 million barrels of oil from the strategic reserves of its 32 member countries, marking the largest emergency mobilization in the 52-year history of the organization.

The decision was approved in an emergency meeting convened on the same day, without objections, as a direct response to the energy crisis triggered by the armed conflict between the United States, Israel, and Iran, which began on February 28 with attacks on Iranian nuclear and oil facilities.

The figure far exceeds the previous record: the 182.7 million barrels released in 2022 following the Russian invasion of Ukraine, which also did not manage to keep prices stable. Brent averaged over 112 dollars per barrel in March of that year.

The immediate trigger was the escalation of recent days. On March 8, new bombings targeted Iranian refineries. Iran responded with missiles against Israel and U.S. bases, threatened to close the Strait of Hormuz — through which 20% of the world's oil, about 17 to 20 million barrels daily, passes — and set a tanker on fire.

This Wednesday, it was also reported that Iran may have placed mines in the Strait of Hormuz. The price of Brent reached a peak of approximately 120 dollars per barrel this past Monday.

Members of the IEA have over 1.2 billion barrels in public emergency reserves, along with an additional 600 million in industrial inventories held by government obligation. The executive director of the organization, Fatih Birol, noted that these reserves can cover up to 124 days of supply that could be lost from the Persian Gulf.

Among the countries that have already confirmed their participation are Germany, with 19.5 million barrels; Spain, which will contribute the equivalent of about 12 days of its current reserves; and Japan, which announced the immediate start of releases.

The crisis has a direct impact on Cuba, which was already experiencing its worst energy situation in decades. Before the outbreak of the conflict, the island had oil reserves for only 15 to 20 days. The rising price of crude oil in international markets exacerbates this situation further, compounded by the detention of a Russian ship bound for the island and the start of the seizure of a Venezuelan tanker by the United States.

Last Monday, President Donald Trump stated that the war with Iran was "practically over".