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The head of the International Energy Agency (IEA), Fatih Birol, said on Friday that global oil supplies remain sufficient despite tensions in the Middle East, urging calm amid fears of a potential energy crisis.
Speaking to reporters in Brussels, Birol acknowledged that the ongoing conflict involving Iran, the United States and Israel had disrupted logistics in the region but stressed that global supply remains strong.
He explained that although transportation challenges caused by the conflict were affecting some countries, the global oil market still had ample supply, and there was no immediate shortage. Birol added that the agency was monitoring developments closely and had not ruled out any response measures.Â
However, he said there were currently no plans for a coordinated release of emergency oil reserves.
“There is plenty of oil; we have no oil shortage. There is a huge surplus in the market.
“We are facing a temporary disruption, a logistical disruption,” he said.
The tensions have driven crude prices higher, rising by roughly 20 per cent since February 27, a day before the attacks began, raising concerns about renewed inflationary pressure on the global economy.
Shipping through the strategic Strait of Hormuz, a key route that handles about a fifth of the world’s crude oil shipments, has also slowed significantly, although Tehran has not formally closed the waterway.
Earlier this week, US President Donald Trump pledged that the United States would ensure the safety of vessels passing through the strait.
The IEA was established in response to the 1973 oil crisis to coordinate international responses to major disruptions in global oil supply.
