Fact Check: Is US releasing 172 million barrels of oil as nations coordinate to calm markets?

WASHINGTON, DC: The ongoing US-Israel war with Iran, which escalated in late February, has caused one of the most severe disruptions to global oil supply in history. The primary impact stems from Iran's control over the northern side of the Strait of Hormuz, a critical chokepoint that accounts for roughly 20 percent of the world's daily oil supply.

Recently, several social media posts claimed that the United States will release 172 million barrels of oil as nations coordinate to calm markets. But is there any truth to this? Let us find out below.

Claim: US to release 172 million barrels as nations coordinate to calm markets

An X account came up with a post that read, "US to release 172 million barrels of oil from the Strategic Petroleum Reserve."

Similarly, another X user posted, "President Trump orders the release of 172 MILLION barrels from the US Strategic Petroleum Reserve. 400 MILLION barrels will be released globally. Trump’s going ALL-IN to keep gas affordable while taking down the Iranian regime!"

"The United States says it will release 172 million barrels of oil, almost half of its Strategic Petroleum Reserve. US oil prices have responded by heading higher to $92," read another post.

Notably, Iran has effectively closed or severely restricted the strait in retaliation, targeting ships, attacking energy infrastructure, and warning vessels against passage.

This has halted tanker traffic for over a week, leading to the suspension of exports from major Gulf producers like Saudi Arabia, the United Arab Emirates (UAE), Iraq, and Kuwait. It has also led to collective production/export drops estimated at around 6-7 million barrels per day from these countries alone.

Interestingly, analysts describe this as the largest oil supply disruption ever recorded, exceeding past events like the 1978-79 Iranian Revolution or the 1990-91 Gulf War.

Fact Check: True, it's a coordinated effort by the IEA

The claim made in the online posts is true, as the US recently announced it will release 172 million barrels of oil from its Strategic Petroleum Reserve (SPR).

Interestingly, this is part of a coordinated effort by the International Energy Agency (IEA), which involves 32 member countries, including the US, Germany, France, the UK, Japan, and others, to release a total of 400 million barrels from emergency reserves.

Notably, the goal is to increase global oil supply, stabilize prices, and calm markets amid disruptions caused by the ongoing conflict in the Middle East. 

IEA Executive Director Fatih Birol said in a press release on Wednesday, March 11, "The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size."

"Oil markets are global, so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together," Birol added.

Moreover, the emergency oil release represents roughly 20 days of regional supply and will be phased over approximately 120 days.