The Crisis of IEA and Oil Prices On March 11th, the International Energy Agency (IEA) announced the coordinated release of 426 million barrels of strategic reserves, the largest joint release in the organization's history. The United States provides 172.2 million barrels, Japan provides 79.8 million barrels, South Korea provides 22.5 million barrels, and the United Kingdom provides 1.4 million barrels. This operation is indeed an unprecedented release. At present, the global daily consumption of crude oil is about 105 million barrels. The mainstream market estimate is that the actual daily loss of global supply is about 12 million barrels. Based on this calculation, the strategic reserve of 426 million barrels can only cover about 35 days on paper. And paper never equals reality. Because these oils do not arrive at the market in an instant, they not only need to be released in batches and transported through pipelines and shipping systems, but also face the problem of regional mismatch. The war has entered its third week now, and there is no clear reopening time for the Strait of Hormuz, and there is currently no expectation of a ceasefire. This is the core of the problem. Strategic reserves were originally designed to cope with oil shocks that would end, such as pipeline failures, hurricane shutdowns, refinery accidents, etc. After a problem occurs, there will always be a repair time. But the blockade of Hormuz is not based on this logic. It is not a supply interruption waiting for repairs. As long as the war continues, reserves are either continuously provided, which is impossible, otherwise it is just a drop in the bucket. Speaking of which, strategic reserves may not be able to solve the current rise in oil prices caused by the United States and Iran. In theory, if this war continues for another two weeks, either the IEA will continue to release its reserve oil, or oil prices are estimated to be above $120. Bitget VIP， Lower rates and more generous benefits