In light of the situation in the Middle East where a de facto closure of the Strait of Hormuz has caused global disruption in the energy supply, the International Energy Agency, the IEA, has requested its member countries, including Denmark, to voluntarily and collectively release 400 million barrels of oil from the member states’ emergency reserves.
On the 11th of March, as Denmark’s representative in the IEA, Lars Aagaard, Denmark’s Minister for Climate, Energy and Utilities, decided that Denmark will not oppose a voluntary release of oil via the IEA.
Since then, the IEA has further requested that Denmark releases a total of 1.246.000 barrels of oil. The Danish Energy Agency has assessed that Denmark can release the full amount of 1.246.000 barrels (ca. 200.000 m3) continuously over a period of up to 90 days. Thus, in the first instance, Denmark will release one fifth of the amount (a total of 40.000 m3) by releasing 5.000 m3 of jet fuel, 25.000 m3 of diesel and 10.000 m3 of petrol.
The supply situation in Denmark and the rest of Europe is currently stable, but multiple countries, especially in Asia, are heavily affected by the situation. The supply situation in Denmark will be assessed continuously.
The latest updates on the situation from the IEA are available here.
CORRECTION: This press release was updated on 13 March 2026.
In a previous version, it was stated that Denmark would release 124,600 barrels of oil. This figure is incorrect. The correct amount is 1.246 million barrels of oil.
The figure of approximately 200,000 m³ remains correct.
In the first version of the press release, it was stated that the volumes consisted of 5,000 m³ of jet fuel, 10,000 m³ of diesel, and 25,000 m³ of gasoline. This has been corrected so that the distribution of products is 5,000 m³ of jet fuel, 25,000 m³ of diesel, and 10,000 m³ of gasoline.
Facts
- The collective reserves of the IEA member countries amount to more than 4 billion barrels, including 1,25 billion barrels of emergency reserves and 2,8 billion barrels in commercial reserves.
- When oil is released from the emergency reserves, the oil is made available on the global oil market for commercial actors to buy on market terms.
- The 400 million barrels equates to about 10 years of Danish consumption of oil (2024-level).
- On the 12th of March 2026, the price of natural gas on the European market was ca. 50 EUR/MWh. In comparison, in 2022, when Russia attacked Ukraine, the price of natural gas was more than 300 EUR/MWh at its peak.