Historic IEA Release Can’t Overcome Historic Supply Outages

13 Mar 2026 Issue: 69 / 11 By: Jamie Ingram

Oil markets are in crisis mode as the closure of the Strait of Hormuz approaches the two-week mark. In response to the unprecedented supply shock, the IEA is overseeing the largest emergency stock release in its history, but even this offers no more than a partial reprieve. Until energy flows through the Hormuz passage resume, the global economic crisis will continue to worsen.

The IEA is coordinating the largest ever emergency oil stock release to shield markets from the impact of the historic supply shock generated by the US-Israeli strikes against Iran. Iran’s de facto closure of the Strait of Hormuz following the start of the war on 28 February instantly removed around 15mn b/d of oil from global markets, plunging the world into an energy crisis.

Aramco CEO Amin Nasser this week warned of “catastrophic consequences” from a prolonged closure of the Strait of Hormuz. IEA Executive Director Fatih Birol said that “the oil market challenges we are facing are unprecedented in scale,” when he announced on 11 March that member countries would be releasing 400mn barrels from stocks. (CONTINUED - 1236 WORDS)