The International Energy Agency (IEA) has published the details of the collective action arising from the 11 March agreement to make 400 million barrels of oil available to the market from emergency reserves.

The IEA’s statement, issued on 19 March, reports that the emergency stocks largely consist of crude oil, with contributions from Europe primarily taking the form of refined oil products. Additional production will come from countries in the Americas.

The detailed split between crude oil and refined products, and volumes coming from public stocks or the lowering of obligations set on industry, remain subject to change as countries refine the specific details of their contributions.

In terms of total contributions, the US and Japan are supplying 172.2 and 79.8 million barrels respectively, followed by Canada (23.6), Germany (19.5), and France (14.6).

The IEA says this is the sixth time IEA Member countries have taken emergency collective action to support oil markets in the history of the IEA, which was created in 1974. Previous collective actions were taken in 1991, 2005, 2011, and twice in 2022.

The emergency collective action, it says, is by far the largest ever, and provides a significant and welcome buffer. However, the most important factor in ensuring a return to stable flows is the resumption of regular shipping through the Strait of Hormuz. Adequate insurance mechanisms and physical protection for shipping are also key to the resumption of flows.