The International Energy Agency (IEA) is considering additional releases from strategic oil reserves as the war in the Middle East disrupts global energy markets, Executive Director Fatih Birol said on Monday.
Speaking to reporters, Birol said the agency is consulting with governments across Europe and Asia and stands ready to act “if necessary” to stabilize markets.
“If it is necessary, of course, we will do it,” Birol said, adding that any move would depend on market conditions rather than a specific oil price level.
The comments follow a March 11 agreement by IEA member countries to release about 400 million barrels of oil, roughly 20% of their strategic reserves, to ease supply pressures.
Birol cautioned that such releases are a short-term measure. “A stock release will help to comfort the markets, but this is not the solution,” he said. “It will only help to reduce the pain in the economy.”
Birol said disruptions linked to the war in the Middle East have significantly reduced available oil supply, though he did not provide a precise, verified figure. He described the situation as “very severe,” warning of continued volatility in global markets.
Beyond stock releases, the IEA is urging governments to consider measures to reduce demand, such as lower speed limits and expanded remote work.
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