IEA consulting with governments on further oil stock releases, chief Birol says

Sydney, Australia – The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil “if necessary” due to the Iran war, Executive Director Fatih Birol said on Monday.

“If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries,” Birol told the National Press Club in Canberra.

IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices.

There would not be a specific crude price level to trigger another release, Birol added.

He described the crisis in the Middle East as “very severe” and worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war on gas, put together.

“The single most important solution to this problem is opening the Hormuz Strait,” he said. 

(Reporting by Alasdair Pal and Christine Chen in Sydney; Editing by Jacqueline Wong and Sonali Paul)