Burgum calls for IEA to release oil reserves to address supply disruption
U.S. Secretary of the Interior Doug Burgum speaks with interim President of Venezuela Delcy Rodriguez (not pictured) during remarks at Miraflores Palace in Caracas, Venezuela, on March 4, 2026.
Leonardo Fernandez Viloria | Reuters
The International Energy Agency should release oil stockpiles to address the massive supply disruption triggered by the Iran war, U.S. Interior Secretary Doug Burgum said on Wednesday.
“Of course, these are the kinds of moments where these reserves are used, because what we have here is not an energy shortage in the world,” Burgum said in an interview on Fox News. he said.
“We have a temporary transit problem,” he said. “If you have a temporary transit problem that we have resolved militarily and diplomatically, which we can and will resolve, this is an excellent time to consider releasing some of those to relieve some of the pressure on the global price.”
According to sources, Burgum’s comments came after the IEA proposed the release of 400 million barrels of oil; this was the largest action in the history of the organization Wall StreetJournal. Tokyo plans to independently release stockpiled oil on Monday, Japanese Prime Minister Takaichi Sanae told reporters on Wednesday, according to Japanese broadcaster NHK.
The IEA held an emergency meeting on Tuesday to discuss releasing the stockpiles but has yet to make a public proposal. Member countries have approximately 1.2 billion barrels of oil in reserves. The IEA’s 32 members consist of developed economies in Europe, North America and Northeast Asia.
The Iran war triggered the largest oil supply disruption in history; Most tankers do not want to pass through the critical Strait of Hormuz because they fear attacks from the Islamic Republic.
The strait is a narrow sea passage between the Persian Gulf and the Gulf of Oman that is vital for global oil exports. Before the war, approximately 20% of global oil consumption passed through the Bosphorus.
