By Rebecca Feng and Joe Wallace

A: Previous releases from strategic reserves have had mixed results.

Twice in quick succession after Russia invaded Ukraine in early 2022, International Energy Agency members-which include the U.S., Japan, South Korea and oil-importing nations in Europe-teamed up to tap their stockpiles. At first, the move had the opposite of its intended effect: Traders saw the release as a sign that the oil crisis was worse than they thought, and prices rose about 20% the week after the announcement. Analysts say the releases eventually helped bring oil prices down.

A particularly successful release took place in 1991. Then-President George H.W. Bush prepared for Operation Desert Storm by ordering what was then the first ever drawdown of the reserves the same night the U.S. attacked Iraq. IEA members joined along. Prices fell more than 20% on the first day of the U.S.-led assault. By the time coalition forces entered Iraq and Kuwait in February, oil from the reserves was on the market.

In 2011, the U.S. and 27 other countries agreed to release 60 million barrels of oil as civil war decimated Libyan production. IEA members also dipped into their reserves after Hurricane Katrina damaged oil facilities in the Gulf of Mexico in 2005.

Most of the previous releases by the IEA were "targeted at quelling any perception of risks to supplies, rather than responding to actual shortages or a realistic immediate risk of shortages," said Chris Wheaton, an oil and gas analyst at Stifel.

Reserves can help address supply issues, but releasing them doesn't come without challenges. Read more:

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March 10, 2026 06:48 ET (10:48 GMT)

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