Originally Posted by
planejoe
https://www.iea.org/news/iea-member-...-east-conflict
"On March 11, 2026, 32 member countries of the IEA (International Energy Agency) unanimously agreed to release 400 million barrels of oil from emergency reserves. This is the largest-ever, unprecedented release, designed to counter massive supply disruptions caused by the war in the Middle East and to stabilize global energy markets."
Not saying this is a permanent fix but at least there are steps being taken to soften the blow.
Gotta look past the 400 million barrel number and look at flowrate. At best collectively those SPRs can release 2m barrels per day(bpd). 18m bpd are currently trapped in the Hormuz. Not to mention manh counties in the region have shut in their production due to full storage. It will take a month or two to get back to full production if a truce was negotiated in the next 5 mins. More this stretches on the longer recovery takes.
That SPR release was mainly a desperate attempt by the IEA to calm Oil markets. I doubt the market will remain subdued for much longer. Just like the reaction of many was meh when COVID-19 appeared until reality set in, this will be similar. The rise in price for food, goods, and gas will be significant, and it will be a stark reminder for the world how important Oil is after everyone has been chasing Tech and AI stocks for the last decade