The IEA's 2026 emergency release: what each country pledged, delivered and still holds back

1. How much oil did the IEA release in 2026?

On 11 March 2026 IEA member countries agreed to make 400 million barrels of emergency oil available, and on 19 March the IEA confirmed pledges of 426 million barrels; the agency calls it “by far the largest ever” collective action. The decision came eleven days after the war began on 28 February and nine days after Iran's Revolutionary Guards closed the Strait of Hormuz on 2 March. The IEA's first update, on 15 March, gave figures by region: 195.8 million barrels from the Americas, 108.6 million from Asia Oceania and 107.5 million from Europe, 72 per cent of it crude. Those regional figures add up to 411.9 million barrels (our calculation), already more than the 400 million agreed. Members in Asia Oceania were to make stocks available immediately, those in the Americas and Europe from the end of March.

The confirmed list of 19 March breaks down into 280 million barrels of government stocks, 119 million of obligated industry stocks and 28 million of extra production from Canada and Mexico. By type, 301 million barrels are crude and 125 million refined products; in Europe, the IEA said, contributions “will primarily take the form of refined oil products”. The agency adds that this split is not yet final; the country rows add up to 426.2 million barrels (our calculation). How the IEA binds its members to act together is covered in our glossary entry on the IEA release mechanism.

3. What did the UK and the rest of Europe do?

The UK government announced a contribution of 13.5 million barrels on 12 March 2026, while the IEA's table of 19 March lists 14.0 million barrels, all from company stocks: 4.3 million of crude and 9.7 million of products. In a written statement to Parliament, the government said the UK would contribute “the requested 13.5 million barrels, reflecting our share of oil consumption”; we have found no explanation for the difference. The UK has no government-owned stocks. Under the Compulsory Stocking Obligation companies hold the oil, and a release normally works by the Secretary of State lowering their obligation through legally binding directions (IEA). Anadolu Agency reported that the UK would reduce its obligations rather than physically release stocks. We found no published figure for how many days the obligation was cut, or for how long. At the end of the first quarter of 2026 the UK held 10.2 million tonnes of oil stocks, which DESNZ describes as “more than meeting” the IEA's 90-day requirement.

In continental Europe, contributions came mostly as refined products. Germany pledged 19.5 million barrels of government stocks held by its agency EBV, France 14.6 million, Spain 11.6 million of products from industry stocks and Italy 10.0 million, also from industry (IEA). Switzerland, although an IEA member, has no row in the table. Germany is moving to release the rest of its share: on 16 October its upper house, the Bundesrat, approved an ordinance that frees the remaining 16 million barrels or so, diesel and heating oil first, and temporarily lowers the stockholding obligation from 90 to 82 days (Reuters). Our 90-day rule page explains how emergency days are counted; the UK detail is on United Kingdom: the stocking obligation.

5. Will there be a second IEA release?

No new release has been decided, but the existing one is being sped up: on 15 October 2026 the IEA Governing Board agreed to complete the remaining releases of around 100 million barrels faster, including “over 20 million barrels of diesel as soon as possible”, with about 330 million barrels already released (IEA). The timing is to fit each country's circumstances. G7 leaders had set the course on 2 October, committing to accelerate delivery of the volumes agreed on 11 March with priority on diesel (IEA Oil Market Report, 14 October); The National put the volume still outstanding at about 96 million barrels on 14 October, the IEA says around 100 million. On 18 September French President Emmanuel Macron had announced that he would convene a G7 meeting to consider a further release (World Oil). The IEA says the Gulf recovered ground in September but remains fragile: Gulf crude exports rose by 4.4 million barrels a day to 13.9 million, more than three-quarters of pre-war levels, and 10.9 million barrels a day of oil moved through the Strait of Hormuz, while exports of refined products and LPG are still below half of pre-war volumes. Observed global stocks at the end of September were 509 million barrels below the end-February level, on-land inventories were at their lowest since at least 2016, and OECD gasoil stocks of 565 million barrels in July were the lowest since November 2023. The IEA expects the gasoil balance to stay tight well into 2027 and says rebuilding lost inventories is unlikely before the second half of 2027. There are stocks to draw on: in July the IEA said member countries still held over 1 billion barrels of government-controlled stocks.

In the United States, the Department of Energy said on 11 March that it would “more than replace these strategic reserves with approximately 200 million barrels within the next year”, at no cost to taxpayers; after completing the awards it now expects more than 216 million barrels back from early 2027 (DOE, 29 October), while the SPR stands at 282.6 million barrels (EIA, week to 23 October). In the UK, we found no government position on a second release. For each country's cover in days, see the Oil Reserves Monitor overview.

How to cite: Global Oil Shock (Jörg Dässler), “IEA Oil Stock Release 2026: Country Contributions”, as of 4 Nov 2026, https://globaloilshock.com/en/strategic-oil-reserves/iea-release-2026/