Global Oil Reserves Being Unleashed 'Immediately' in Asia as Middle East War Shakes Markets
The International Energy Agency (IEA) has announced that strategic oil reserves will be released "immediately" in Asia and Oceania, with reserves in the Americas and Europe to follow by end of March. It's the largest emergency oil release in IEA history — and it directly affects fuel prices here in the Philippines.
IEA member countries agreed on March 11 to tap into stockpiles to cushion the surge in oil prices caused by the ongoing war in the Middle East. A total of 271.7 million barrels of government-managed oil stocks will be released worldwide — a massive move meant to stabilize global energy markets.
"The war in the Middle East is creating the largest supply disruption in the history of the global oil market," the IEA said, calling the emergency release a "significant and welcome buffer." This is only the sixth such release in the organization's history, and the first since Russia's invasion of Ukraine in 2022.
Despite the announced releases, oil prices remain around $100 per barrel — the highest since 2022, up from below $70 before the conflict started. The Philippine peso has also been hit, sliding to a record low of 59.735 against the US dollar on Friday amid fears of prolonged disruption in global oil supply routes.
The IEA stressed that the most critical factor for restoring stability is the resumption of regular shipping through the Strait of Hormuz, which Iran has effectively blocked since the conflict began on February 28 with US-Israeli air strikes on Iranian targets. For Filipino motorists and commuters, brace for continued fuel price hikes in the coming weeks.
Source: GMA News / Agence France-Presse
