Oil Reserves Hit Empty: What Happens If Supply Shocks Continue

On March 11, 2026, the IEA—a 32-country energy watchdog—released 400 million barrels from emergency oil reserves to cushion Middle East supply disruptions. It's the largest draw ever. The problem: most members have now depleted their buffers. If disruption persists, they can't authorize another release. That lost option creates real downside risk for oil markets and countries dependent on oil revenue.