IEA Speeds Up 100 Million Barrels, Over 20 Million Diesel; India Imported 88.7% of Crude in 2025-26

On 15 October 2026, the Governing Board of the International Energy Agency (IEA) agreed to speed up the release of 100 million barrels of oil still outstanding from its March emergency action. The package includes more than 20 million barrels of diesel, to be released as soon as possible. The stocks are held by the agency's member countries, and the release is tied to the Strait of Hormuz crisis.

India is not a member of the agency. It has held association status since it declared that status on 30 March 2017.

How IEA Members Hold and Release Emergency Oil Stocks

Each IEA member must hold emergency oil stocks of at least 90 days of its previous year's net oil imports, and those stocks can be released to stabilise oil markets worldwide. Member countries held more than 1.2 billion barrels of oil stocks, according to Al Jazeera, with a further 600 million barrels of industry stocks under government obligation.

The agency has activated this system six times: in January 1991 during the Gulf War, in 2005 after Hurricanes Katrina and Rita, in 2011 during the Libyan crisis, twice in 2022 after Russia's invasion of Ukraine, and in 2026 during the Iran war.

Al Jazeera puts the stocks released in 2022 at 182 million barrels. According to Wikipedia, the 2026 action is the largest in the agency's history, at 400 million barrels.

The IEA's October statement says the remaining volumes will be released in a 'timely manner consistent with national circumstances', with specific plans already in place.

The agency has 32 member countries. According to Wikipedia, those members and 13 association countries together represent 75% of global energy demand. It was established in 1974 as an autonomous intergovernmental organisation.

The 90-day requirement is a member obligation, and India holds association status instead.

The 11 March Pledge and the Strait of Hormuz Closure

On 11 March 2026, the IEA agreed to make 400 million barrels available from member stocks. Al Jazeera reports that Iran has effectively closed the Strait of Hormuz by threatening to attack vessels since the US-Israeli war began on 28 February.

Japan also said it would release some of its reserves, and South Korea committed 22.46 million barrels from its strategic reserves. The United Kingdom said it would contribute 13.5 million barrels.

Brent crude had risen more than 25% since 28 February and was trading at 9 a barrel earlier that week, according to Al Jazeera. After the announcement on 11 March, Brent was above a barrel.

Fatih Birol, the agency's Executive Director, said the market challenges were unprecedented in scale, that member countries had responded with an emergency collective action of unprecedented size, and that there had been further attacks and damage to energy and energy-related infrastructure.

Macquarie analysts, quoted by Al Jazeera, estimated the release at about four days of global production and 16 days of the crude that transits the Gulf. Analysts quoted by Al Jazeera said the pace of daily IEA stock releases would be more important than the overall amount.

What the 15 October Decision Covers

By 15 October, members had released about 330 million barrels of the March pledge, roughly 82.5% of 400 million. The Governing Board's decision covers the remaining 100 million barrels, including over 20 million barrels of diesel. Adding the two figures gives 430 million barrels, about 7.5% above the 400 million pledged in March.

The statement says some members have released more than they pledged in March while others intend to do so, and the agency says its March pledge will exceed its target. It describes the 15 October step as accelerating the remaining volumes, and it reaffirms the March 2026 collective action in response to the Strait of Hormuz crisis.

Reuters, reporting on 15 October, gives Spain as an example. Spain has released 3.7 million of the 11.5 million barrels it pledged in March and will release 4.4 million barrels in October.

The statement gives the timing of the remaining barrels as a 'timely manner consistent with national circumstances'. The National reports that the IEA will inform G7 leaders and the Governing Board of further actions, based on updated market assessments, and that G7 leaders pledged earlier in October to accelerate the emergency stock release.

Why Diesel Is Named Separately in the 15 October Step

The statement names diesel separately, with over 20 million barrels to be released as soon as possible. Those barrels are part of the 100 million, which makes them about a fifth of the remaining volume, rather than an addition to it.

According to Reuters, diesel prices have surged to record highs in many markets, with supply disrupted by the Iran war and the Russia-Ukraine conflict.

Reuters also reports that US President Donald Trump has pressed EU nations to draw down reserves or face a potential US diesel export ban before the 3 November midterm elections.

The National reports that the Trump administration lifted sanctions on Russia, enabling Russian diesel supplies to reach global markets.

Sparta Commodities analyst Abhishek Kumar said the IEA announcement was a step in the right direction but fell short on the details the market was looking for. He said the more than 20 million barrels of diesel appear to be an acceleration of existing commitments rather than genuinely new volumes.

According to the government, India imported a record 88.7% of its crude oil in 2025-26 (provisional).

India's Crude Import Dependence and Domestic Output

According to the government, India imported a record 88.7% of its crude oil in 2025-26 (provisional). The figure was up from 85.5% in 2021-22.

The figures come from a written reply to the Rajya Sabha by Suresh Gopi, Minister of State for Petroleum and Natural Gas, in answer to a question from Trinamool Congress MP Derek O'Brien. The reply was presented on Monday, 27 July 2026, according to ThePrint.

Domestic crude output fell from 29.7 million tonnes in 2021-22 to 28.0 million tonnes in 2025-26. The minister attributed the fall primarily to the natural decline of mature and ageing oil and gas fields.

The reply lists specific problems in ageing wells, including rising water production, sand ingress, limited reservoir pressure and complex subsurface geology.

According to the government, citing the IEA, annual decline from mature fields has been contained at about 2% since 2014-15, compared with a 6% global average.

Natural gas output rose from 33,131 million standard cubic metres (MMSCM) in 2021-22 to 34,326 MMSCM in 2025-26, after peaking at 35,717 MMSCM in 2023-24. ONGC's output held at about 19.6 million tonnes a year, while Oil India's rose from 2.94 million tonnes to 3.44 million tonnes.

Oil Prices on 15 October and Where the Figures Differ

The National reports Brent at 6.20 a barrel, up 0.15%, and West Texas Intermediate (WTI) at .21 a barrel, up 3.28%. The Brent reading was taken at 8:27 pm UAE time on 15 October.

The Organization of the Petroleum Exporting Countries Plus (OPEC+) kept its oil production targets unchanged for November, according to The National.

Al Jazeera's report of 11 March gives the March pledge as 400 million barrels, while Reuters, reporting on 15 October, says countries pledged more than 400 million barrels. The 82.5% and 7.5% figures above use 400 million as their base; on Reuters' wording the March pledge was larger, so both figures would be lower.

Several points remain open. The 100 million barrels are to be released in a 'timely manner consistent with national circumstances', the 2025-26 import figure is provisional, and the Brent price reading is a single point in time.