IEA to make 400mn bl oil available from stocks: Update

Market: Crude oil, Oil products
11/03/26

Adds details throughout

The IEA today said it will make 400mn bl of oil from emergency reserves available to the market to address disruption arising from the US-Israel war with Iran.

The agency said the move was agreed unanimously by its 32 member states. It did not specify how much of the release will be crude and how much will be refined products, but it said the stocks will be made available over a timeframe "appropriate to the national circumstances of each member country".

Just ahead of the IEA statement, Japan said it will release 80mn bl of oil from its government and privately-held oil reserves starting on 16 March.

The IEA gave no details on country allocations. Further details will be announced in due course, the agency said.

The move comes after 10 days of extreme volatility in energy prices since the US and Israel began a war with Iran on 28 February. The consequent de facto closure of the strait of Hormuz has shut around 25pc of global seaborne oil trade in the Mideast Gulf, and production, storage and refining assets have become military targets.

The IEA said today this is causing oil-market challenges "unprecedented in scale".

Stocks will be released from IEA member countries' mandated inventories, which must be equivalent to at least 90 days of the prior year's net imports. Stocks can be held as either crude, refined products or a combination of the two. The latest IEA data show that North American strategic stocks are overwhelmingly crude, while European and Asian members hold a mix of crude and refined products.

As of the end of 2025, IEA members had 1.25bn bl of oil in public stocks, accounting for around 30pc of total OECD oil inventories.

There is no obligation on the market to take up released stocks, and past IEA releases have sometimes seen less oil taken up than was offered.

This is only the sixth time the IEA has issued an emergency stocks release order since its formation in 1974. Today's release dwarfs any of the preceding ones, with the largest previously being 182mn bl in 2022.

Leaders of the G7 are scheduled to meet later today to discuss the situation in the Mideast Gulf.

By Ben Winkley

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11/03/26

IEA to release 400mn bl oil from stocks: Update 2

Adds UK contribution in paragraph 5 London, 11 March (Argus) — The IEA today said it will make 400mn bl of oil from emergency reserves available to the market to address disruption arising from the US-Israel war with Iran. The agency said the move was agreed unanimously by its 32 member states. It did not specify how much of the release will be crude and how much will be refined products, but it said the stocks will be made available over a timeframe "appropriate to the national circumstances of each member country". Just ahead of the IEA statement, Japan said it will release 80mn bl from its government and privately-held oil reserves starting on 16 March. The IEA gave no details on country allocations. Further details will be announced in due course, the agency said. The UK said today it will contribute 13.5mn bl to the IEA release. It gave no details on the crude/products mix, nor on a timeframe for the release. The move comes after 10 days of extreme volatility in energy prices since the US and Israel began a war with Iran on 28 February. The consequent de facto closure of the strait of Hormuz has shut around 25pc of global seaborne oil trade in the Mideast Gulf, and production, storage and refining assets have become military targets. The IEA said today this is causing oil-market challenges "unprecedented in scale". Stocks will be released from IEA member countries' mandated inventories, which must be equivalent to at least 90 days of the prior year's net imports. Stocks can be held as either crude, refined products or a combination of the two. The latest IEA data show that North American strategic stocks are overwhelmingly crude, while European and Asian members hold a mix of crude and refined products. As of the end of 2025, IEA members had 1.25bn bl of oil in public stocks, accounting for around 30pc of total OECD oil inventories. There is no obligation on the market to take up released stocks, and past IEA releases have sometimes seen less oil taken up than was offered. This is only the sixth time the IEA has issued an emergency stocks release order since its formation in 1974. Today's release dwarfs any of the preceding ones, with the largest previously being 182mn bl in 2022. Leaders of the G7 are scheduled to meet later today to discuss the situation in the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Tanks damaged in Omani port attack: Sources

11/03/26

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11/03/26

Tanks damaged in Omani port attack: Sources

London, 11 March (Argus) — Storage tanks at the port of Salalah in Oman were heavily damaged after being bombed today, according to shipping companies operating out of the port. Sources said infrastructure at Salalah was on fire and that some port staff had been evacuated. Salalah, at the southeastern tip of Oman, is a major container transshipment hub. It expanded its terminal capacity last year from 4.5mn twenty-foot equivalent units (TEU) to 6.5mn TEU after upgrades at all six berths and a yard expansion. Salalah is among the latest targets of Iranian missile and drone attacks on energy and logistics infrastructure across the Mideast Gulf. Iran launched the strikes in retaliation for the US-Israeli bombing campaign that began 11 days ago. A fuel storage tank at Oman's Duqm port was hit by a drone last week. Iran has also targeted vessels in the Mideast Gulf, forcing traffic through the strait of Hormuz — a vital waterway for regional oil and gas exports — to a near standstill. Three vessels came under attack in Mideast Gulf waters earlier today, the UK Maritime Trade Operations (UKMTO) said. UKMTO said it has received 17 incident reports involving vessels in the Mideast Gulf, the strait of Hormuz and the Gulf of Oman since the US-Iran war started. By Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

IEA to make 400mn bl oil available from stocks

11/03/26

News

11/03/26

IEA to make 400mn bl oil available from stocks

London, 11 March (Argus) — The IEA today said it will make 400mn bl of oil from emergency reserves available to the market. The move comes after 10 days of extreme volatility in energy prices since the US and Israel began a war with Iran on 28 February. The consequent de facto closure of the strait of Hormuz has shut around 25pc of global seaborne oil trade in the Mideast Gulf, and production, storage and refining assets have become military targets. The IEA said on Tuesday that this situation had created "significant and growing risks" for the oil market. Stocks will be released from IEA member countries' mandated inventories, which must be equivalent to at least 90 days of the prior year's net imports. Stocks can be held as either crude, refined products or a combination of the two. The latest IEA data show that North American strategic stocks are overwhelmingly crude, while European and Asian members hold a mix of crude and refined products. As of the end of 2025, IEA members had 1.25bn bl of oil in public stocks, accounting for around 30pc of total OECD oil inventories. There is no obligation on the market to take up released stocks, and past IEA releases have sometimes seen less oil taken up than was offered. This is only the sixth time the IEA has issued an emergency stocks release order since its formation in 1974. Leaders of the G7 are scheduled to meet later today to discuss the situation in the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Three vessels attacked near strait of Hormuz: Update 2

11/03/26

News

11/03/26

Three vessels attacked near strait of Hormuz: Update 2

Adds details of third attack Dubai, 11 March (Argus) — A total of three vessels came under attack in Mideast Gulf waters earlier today, the UK Maritime Trade Operations (UKMTO) said. In its latest update, UKMTO said it received a report at 02:05 GMT on 11 March from the master of a bulk carrier operating 50 miles northwest of Dubai, saying the vessel had been hit by an unknown projectile. The crew were reported safe and no environmental impact was noted. Authorities are investigating. UKMTO said earlier that it had been notified at 04:35 GMT that the crew of a cargo vessel were evacuating after it was hit by an unknown projectile 11 miles north of Oman in the strait of Hormuz, resulting in a fire onboard. Shipping sources said the vessel was the 30,197dwt Mayuree Naree , which is controlled by Precious Shipping, according to Kpler. Prior to that, UKMTO said it received a report at 01:58 GMT today from a container vessel that had sustained damage from a suspected — but unknown — projectile 25 miles northwest of Ras al-Khaimah in the UAE. All crew were safe. Today's three reported incidents are the latest in a spate of such attacks on vessels in the Mideast Gulf since the US and Israel carried out strikes on Iran on 28 February. Iran has responded with missile and drone attacks on targets in neighbouring Mideast Gulf states, including logistical and energy facilities. The retaliatory strikes have severely disrupted shipping through the strait of Hormuz — the main export route for Mideast Gulf oil and LNG. Before the war began, around 14mn b/d of crude and 6mn b/d of refined products transited the waterway. UKMTO said it has received 17 incident reports involving vessels in the Mideast Gulf, the strait of Hormuz and the Gulf of Oman since the conflict started. These included 13 attack reports and four reports of suspicious activity. US energy secretary Chris Wright said on 8 March that ship traffic through Hormuz should begin moving again soon. "We're not too long away, I think, before you'll see more regular resumption of ship traffic through the strait of Hormuz," Wright told CNN. While it may take some time for normal traffic to resume, "worst case, that's a few weeks, not months". The attacks took place a day after US president Donald Trump claimed that the strait of Hormuz "is going to remain safe". Trump offered US naval convoys for crude and LNG tankers passing through Hormuz, but his senior military commanders have indicated that they are only beginning to plan for that contingency. The US military is now focusing on eliminating the threat of mining Hormuz. But drones and missiles were responsible for attacks on tankers in the Mideast Gulf since the war began. By Nader Itayim, Elshan Aliyev and James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Opec keeps forecasts unchanged despite supply outages

11/03/26

News

11/03/26

Opec keeps forecasts unchanged despite supply outages

London, 11 March (Argus) — Opec has kept its global supply, demand and economic projections unchanged, despite major supply disruptions in the Mideast Gulf and extreme oil price volatility since the US-Iran war broke out on 28 February. Opec makes no explicit mention of the war in its latest Monthly Oil Market Report (OMR) today, but said geopolitical developments "warrant close monitoring" and that their effects, "if any," on economic growth may be too early to tell. Iran's retaliation against US-Israeli airstrikes have effectively halted shipping through the strait of Hormuz ꟷ the main route for Mideast Gulf crude exports, which averaged about 14mn b/d in 2025. While Opec does not forecast its own members' oil production, major Opec+ producers Saudi Arabia, Iraq, Kuwait and the UAE have started to shut in crude output because of limited storage and alternative export outlets. The outages have led several countries to consider a co-ordinated emergency stock release. IEA chief executive Fatih Birol said on 10 March the supply constraints in the Middle East were creating "significant and growing risks for the market." Supply fears have driven huge oil price swings in recent days, with crude futures surging to near $120/bl before dropping to around $90/bl. Opec said the structure of the market was being supported by "firm physical fundamentals alongside supply outages and concerns over potential supply disruptions amid geopolitical developments." Opec forecasts oil demand to grow by 1.38mn b/d to 106.53mn b/d in 2026 and by 1.34mn b/d to 107.87mn b/d in 2027. It sees non-Opec supply growing by 630,000 b/d to 54.83mn b/d in 2026 and by 610,000 b/d to 55.44mn b/d in 2027. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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