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BERLIN—The International Energy Agency agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.

The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves. It’s a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia’s invasion of Ukraine.

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.

In response to US and Israel strikes, Iran has attacked commercial ships across the Persian Gulf, escalating a campaign of squeezing the oil-rich region as global energy concerns mount.

Iran has effectively stopped cargo traffic in the narrow Hormuz Strait through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean. It has also targeted oil fields and refineries in Gulf Arab nations, aiming at generating enough global economic pain to pressure the United States and Israel to end their strikes.

G7 Energy ministers on Tuesday said they supported in principle “the implementation of proactive measures to address the situation, including the use of strategic reserves."

According to the IEA, export volumes of crude and refined products are currently at less than 10 percent of pre-war levels.

According to the IEA, export volumes of crude and refined products are currently at less than 10 percent of prewar levels.

Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”

The German government also said it will introduce a measure to allow gas stations in Germany to raise fuel prices no more than once a day. The federal government wants to introduce this as quickly as possible, Reiche said.

In Austria, starting Monday, price increases at gas stations will be allowed only three times a week, the country’s economy minister said.

Oil reserves have been tapped when the market has faced major disruption in the past, including wars in Iraq, Libya, and most recently, Ukraine.

<em>By Kirsten Grieshaber and Samuel Petrequin</em>

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