Fatih Birol said Wednesday in Tokyo that the International Energy Agency is ready to release more oil from its reserves if the situation requires it.
His remarks came after Sanae Takaichi asked the IEA to prepare for an additional release should the war in the Middle East continue to disrupt supply.
Earlier this month, the IEA coordinated the largest-ever coordinated release of strategic oil reserves, unlocking 400 million barrels to ease the impact of the conflict. Birol noted that most of the agency’s stockpiles remain untouched: “Eighty percent of our stocks are still with us. This 400 million barrels were only 20 percent of our stocks.”
He added, “If and when necessary we are ready to move forward, but I very much hope that it will not be necessary.” Birol emphasized the IEA’s role in global energy security, saying, “The world is facing a serious energy security threat, but the International Energy Agency is ready to play its core role of being a guardian of global energy security.”
In short, while a significant release has already been made, the IEA is prepared to take further action to stabilize oil markets if needed, signaling ongoing vigilance amid the Middle East tensions.
