The 32 member countries of the International Energy Agency could release more oil from emergency stockpiles if necessary, on top of 400 million barrels announced last week. That was the message Monday from IEA Executive Director Fatih Birol.
Birol said last week’s release was a “buffer for now” that had helped restrain the increase in oil prices. But he added there are “a lot of stocks left despite this huge release.”
That means “we can do more later, as and if needed.”
Birol says members have a further 1.4 billion barrels in reserves or industry stocks that governments could access.
The IEA head says the single most important factor for a return to stable flows of oil and gas would be a resumption of tanker traffic through the Strait of Hormuz.
Before the Iran war, the global economy consumed about 101 million barrels of oil a day. Brent crude is trading at over $100 a barrel.
Learn more: https://www.iea.org/events/statement-by-iea-executive-director-on-iea-oil-stock-release
IEA Executive Director Dr Fatih Birol will provide an update on the latest developments in the IEA’s emergency release of oil stocks and the next steps at 15:00 Paris time (CET) today.
The U.S. war in Iran has had significant economic repercussions globally, including major disruptions to oil supply stemming from the restriction of a critical oil shipping route, the Strait of Hormuz, for one-fifth of the world’s oil. The war is causing oil and gas prices to surge, and motorists worldwide are feeling the impact.
