How strategic oil reserves work and why they...

In the second week of the Iran war—with the Strait of Hormuz effectively closed, cutting off shipping of 20% of the world’s oil supply—the International Energy Agency announced the largest release of strategic oil reserves in history. Thirty-two countries will sell a combined 412 million barrels from their reserves into the global market over four months, beginning in late March 2026. Energy researchers like me know that the concept of a strategic oil stock goes back to the early 20th century, w