On Wednesday 11 March 2026, Luxembourg’s Ministry of the Economy announced its support for the Governing Board of the International Energy Agency’s (IEA) plan to release strategic oil stocks, in response to the surge in oil prices and the risks posed by the war in the Middle East to the global supply of oil and petroleum products.
The ministry reported that the IEA has decided to launch a coordinated action aimed at releasing strategic reserves onto the market. This initiative aims to mobilise up to 400 million barrels in order to stabilise oil markets and strengthen energy security.
Luxembourg said it expressed its solidarity with the other IEA member states and supported this joint and voluntary action. As part of the procedure established by the IEA and following exchanges held with European countries, the government will decide on the possible release of part of the Grand Duchy’s strategic reserves, as well as on the volumes concerned. At this stage, no supply difficulties have been observed within the national territory.
Luxembourg Minister of the Economy, SMEs, Energy and Tourism, Lex Delles, declared: “Although the security of supply within the national territory is not currently under threat, Luxembourg’s support for the collective action undertaken by the International Energy Agency demonstrates the country’s solidarity with the international community.”
He added: “The IEA’s collective action helps to contain oil prices and to ensure security of supply, particularly in Asia. More generally, the current situation serves as a reminder of how vulnerable the European Union remains as long as it depends on imports of costly fossil fuels that are exposed to geopolitical risks. It also highlights the crucial importance of accelerating the energy transition in order to guarantee national and European resilience.”
