Updated 11 March 2026 at 21:42 IST
India Welcomes IEA's Historic Release of 400 Million Barrels Emergency Oil Stocks Amid Amid Strait of Hormuz Blockade
The Ministry of Petroleum and Natural Gas has welcomed the International Energy Agency's (IEA) unprecedented decision to release 400 million barrels of emergency oil stocks to address severe supply disruptions stemming from the ongoing conflict in the Middle East.
New Delhi: The Ministry of Petroleum and Natural Gas has welcomed the International Energy Agency's (IEA) unprecedented decision to release 400 million barrels of emergency oil stocks to address severe supply disruptions stemming from the ongoing conflict in the Middle East.
In an official statement issued today, the Ministry highlighted India's role as an Associate Member of the IEA and its active involvement in global energy cooperation.
"India, as an Associate Member of the International Energy Agency (IEA) and an active participant in international energy cooperation, welcomes the IEA’s decision to release emergency oil stocks amid the prevailing supply disruptions," the statement said.
The release, agreed upon unanimously by the IEA's 32 member countries on March 11, 2026, marks the largest such action in the agency's history. It aims to stabilize global oil markets amid significant challenges, including the near-complete halt of shipping through the Strait of Hormuz, a critical chokepoint for roughly one-fifth of global oil supplies, due to the escalating US-Israel war with Iran. This has led to production cuts by major Gulf producers, stranded volumes, and sharp rises in crude prices.
The Ministry emphasized that the Government of India is closely monitoring the rapidly evolving situation in global energy markets, with particular attention to developments in the Middle East.
"The Government of India is closely monitoring the evolving situation in global energy markets, particularly in the Middle East," the statement read.
Reaffirming India's commitment to international stability, the Ministry added, "India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the International Energy Agency."
While India, as an Associate Member, is not obligated to contribute to the IEA's coordinated stock release (which is limited to full members), the statement underscores New Delhi's supportive stance toward multilateral actions to mitigate supply shocks and price volatility that could impact energy-importing nations like India.
Published By : Ankita Paul
Published On: 11 March 2026 at 21:42 IST