The International Energy Agency (IEA) announced this Sunday, March 15, that it has decided to immediately release surpluses from Asia and Oceania to place 400 million barrels of oil on the market. Meanwhile, shipments from America and Europe will begin arriving from the end of March, the IEA indicated, following a decision made on Wednesday. According to an IEA update, member countries have already presented their implementation plans for the exceptional measure adopted due to the strong impact the war in Iran is having on the oil market, especially with the blockade of the Strait of Hormuz, through which 20% of global oil trade passes. So far, IEA member countries have committed 271.7 million barrels of government reserves, with 116.6 million barrels coming from mandatory industry reserves and 23.6 million from other reserves, according to data updated today and published by the IEA in a statement. The IEA notes that this is the sixth joint emergency action adopted by members since the organization's creation in 1974, following similar interventions in 1991, 2005, 2011, and on two occasions in 2022. The organization also warns that the war in the Middle East is causing the largest disruption in the history of global oil market supply. Although the coordinated release of reserves constitutes the largest emergency mechanism used to date, the IEA emphasized that the resumption of normal ship transit through the Strait of Hormuz will be the decisive factor in restoring stable crude flows.