The measures are aimed at dampening price increases after the Iran war.
The IEA - which, in addition to the US and European countries, also has Australia, Canada, New Zealand, Japan, South Korea and Turkey as full members - states that plans have been drawn up.
"These plans indicate that stocks will be made available by IEA member countries in Asia and Oceania immediately," the statement said.
It was clarified on Wednesday that 400 million barrels of crude oil from the reserves of various countries will be released.
A staggered timetable has now been established.
"Stocks from IEA member countries in the Americas and Europe will be made available from the end of March," the IEA says.
