International oil prices rose significantly on March 11, driven by heightened tensions in the Middle East that have forced major oil-producing countries to cut output. At market close, the price of light sweet crude oil for April delivery on the New York Mercantile Exchange increased by $3.80 to settle at $87.25 per barrel, a gain of 4.55%. Meanwhile, Brent crude for May delivery rose by $4.18 to close at $91.98 per barrel, marking an increase of 4.76%.
The International Energy Agency (IEA) announced on March 11 that its 32 member countries have unanimously agreed to release 400 million barrels of strategic petroleum reserves to address tightening global oil supplies resulting from military actions by the United States and Israel against Iran. IEA Executive Director Fatih Birol stated that the release will be carried out in phases, tailored to each member's specific circumstances and within an appropriate timeframe. The IEA plans to disclose further details regarding the 400-million-barrel reserve release at a later date and will continue to monitor developments in global oil and gas markets closely.
In the United States, the Department of Energy confirmed on March 11 that President Trump has authorized the release of 172 million barrels of crude oil from the nation's strategic petroleum reserves, beginning next week. Deliveries under this plan are expected to take approximately 120 days.
Germany's Federal Minister for Economic Affairs and Energy announced that the country will release 19.51 million barrels from its strategic petroleum reserves to help ease upward pressure on oil prices.
The Japanese government indicated that it may begin releasing national petroleum reserves as early as March 16. This would mark the first time Japan has independently released oil from its national reserves since the system was established in 1978.
South Korea's government stated in the early hours of March 12 that it will release 22.46 million barrels of oil from its strategic reserves. In response to recent global oil price increases, the South Korean government is also implementing price control measures.