IEA Empties Its Oil Cupboard—and Runs Out of Options

On March 11, the IEA's 32 member nations released 400 million barrels from strategic reserves—the largest draw ever—to cushion Middle East supply shocks. The release depletes reserves to legal minimums, eliminating room for a second coordinated action. If disruptions persist, markets and oil-dependent economies lose that safety valve. The stakes: heightened downside risk to energy prices and sovereign budgets.