The International Energy Agency announced it will release 271.7 million barrels of strategic oil reserves worldwide to cushion soaring prices caused by supply disruptions linked to the Middle East conflict.
Oil stocks from member countries in Asia and Oceania will be made available immediately, while releases from the Americas and Europe are expected by the end of March.
The move marks the largest emergency stockpile release in the agency’s history, aimed at easing pressure as oil prices hover around $100 per barrel.
The IEA said restoring shipping through the Strait of Hormuz remains crucial to stabilizing global supply flows.
In the Philippines, Energy Secretary Sharon Garin said the country may benefit indirectly from increased global supply and urged the public to conserve fuel amid market volatility.
Source: PhilNews24 | March 17, 2026
