India on Wednesday welcomed the International Energy Agency's (IEA) decision to release emergency oil stocks from the reserves of its 32 member countries, as the ongoing conflict in the Middle East continues to severely disrupt global oil supplies through the Strait of Hormuz.
An official statement said the Indian government is closely monitoring the evolving situation in global energy markets and stands ready to take appropriate measures to support market stability in alignment with IEA efforts. India is an associate member of the IEA and an active participant in international energy cooperation.
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IEA member governments agreed on Wednesday to release 400 million barrels of oil from emergency stockpiles held across 32 member countries. The decision was taken at an extraordinary meeting convened by IEA Executive Director Fatih Birol to assess market conditions and address the supply disruptions caused by the Middle East conflict.
The emergency stocks will be made available to the market over a timeframe suited to the national circumstances of each member country, supplemented by additional emergency measures from some nations.
IEA members collectively hold emergency stockpiles of over 1.2 billion barrels, with a further 600 million barrels of industry stocks held under government obligation.
The coordinated stock release is only the sixth such action since the IEA was established in 1974. Previous collective releases were undertaken in 1991, 2005, 2011, and twice in 2022.
The conflict in the Middle East, which began on February 28, has severely disrupted oil flows through the Strait of Hormuz. Export volumes of crude and refined products through the strait are currently running at less than 10 per cent of pre-conflict levels, forcing operators across the region to shut down or sharply curtail production.
In 2025, an average of 20 million barrels per day of crude oil and oil products transited the Strait of Hormuz — representing approximately 25 per cent of the world's seaborne oil trade. The IEA noted that options for rerouting oil flows around the strait remain limited.