IEA ready for further oil release if needed amid West Asia crisis

The head of the International Energy Agency said on Wednesday he was “ready to move forward” with an additional release of oil reserves “if and when necessary”.

Fatih Birol made the remarks in Tokyo after Japanese Prime Minister Sanae Takaichi urged the agency “to prepare to implement an additional release in case the situation drags on” amid the ongoing war in West Asia.

Existing reserves remain substantial

The IEA had earlier announced that member countries would release 400 million barrels of oil from their reserves to reduce the impact of the conflict, marking the largest such move on record.

However, Birol stressed that reserves remain largely intact.

“Eighty percent of our stocks are still with us. This 400 million barrels were only 20 percent of our stocks,” he said.

Birol said the agency was prepared to act if required, while expressing hope that further intervention would not be needed.

“If and when necessary we are ready to move forward, but I very much hope that it will not be necessary.”

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He added: “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.”