IEA chief says ready to release more oil reserves if needed

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PARIS: International Energy Agency Executive Director Fatih Birol says he is prepared to unlock further oil stocks as energy prices surge globally. Birol made the comments in Tokyo after Japan’s prime minister asked the agency to prepare for a second emergency release. The move follows a partial closure of the Strait of Hormuz, which has sent prices surging and stoked fears of a prolonged supply crunch.

The agency announced earlier this month it would release 400 million barrels, the largest such release in its history. Despite this massive intervention, the executive director reassured markets that ‘eighty percent of our stocks are still with us’. He emphasised that the organisation remains ready to move forward if and when necessary to combat market volatility.

Warning that ‘the world is facing a serious energy security threat,’ the chief executive affirmed his commitment to global stability. The agency continues to monitor the situation closely as geopolitical tensions impact vital shipping lanes. This readiness to deploy reserves serves as a critical buffer against the current energy crisis.