A club of large oil-consuming countries founded in 1974 after the first Arab oil embargo. As of 2026 it has 32 members.
IEA members' combined emergency oil reserves amount to some 1.2bn barrels. Governments can requisition another 600m barrels of industry inventory. Together these cover 140 days of members' total net imports. America's strategic petroleum reserve must maintain at least 150m-160m barrels—35-40% of its level as of early 2026—to preserve the stability of the salt caverns that serve as depots. Drawdowns are gradual owing to pipeline and other constraints; the IEA's co-ordinated releases have never exceeded 1.3m b/d. In America it takes two weeks for contracts to be awarded and deliveries to begin once a presidential order is given.
In its annual "Global Energy Review" published on April 20th 2026, the IEA found that solar photovoltaics met more than 25% of the world's new demand for energy in 2025 (including in power generation and transport), ahead of natural gas at 17%. See solar power.
The IEA has carried out six co-ordinated releases from emergency reserves since its creation, including two in 2022 to counter the shock caused by Russia's war on Ukraine. In March 2026 the agency's 32 members agreed to release 400m barrels—equivalent to one-third of the group's combined strategic stash—the biggest release ever co-ordinated by the IEA. Japan, the member most dependent on Gulf supplies, was the first to confirm it would start releasing barrels. By early May some 100m barrels had reached the market; another 75m were expected to follow in May and June. The release was announced when most IEA governments expected the Strait of Hormuz to reopen within weeks; with the strait potentially shut indefinitely, members became reluctant to drain reserves too rapidly.
Take care of the luxuries and the necessities will take care of themselves.