A tanker carrying Iraqi fuel oil damaged after being attacked in Iraq's territorial waters
Letter from London: The oil market should panic tomorrow
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
Oil security has been at the core of the IEA’s mission since its 1974 founding—itself a direct response to the 1973 oil crisis. The shock exposed the vulnerability of oil‑importing nations to sudden supply disruptions and led IEA member countries—almost all of which are OECD members—to design a collective emergency system built on mandatory strategic oil stocks. This system now faces its ultimate stress test. With the Middle East war dragging on, the Strait of Hormuz still effectively closed, production from Gulf states starting to be shut in and product shortages beginning to emerge in pockets around the globe, the IEA initiated the largest emergency oil stock release in its history, with m
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
