IEA Signals Possible Additional Oil Releases Amid Market Tensions
IEA Executive Director Fatih Birol said in a video statement that government and industry stocks held under government obligation will still total more than 1.4 billion barrels after the ongoing release. He noted that once the current distribution is complete, it will reduce member nations’ reserves by only about 20 percent.
On March 11, the 32 member countries unanimously agreed to release 400 million barrels from emergency reserves to address supply disruptions caused by the conflict in the Middle East.
“The volume of oil supply now offline is already higher than the supply loss during the oil shock of 1973, and higher than any of the major disruptions we have witnessed since then,” Birol said, emphasizing that reopening normal shipping through the Strait of Hormuz remains essential to stabilizing global oil markets.
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