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The head of the International Energy Agency (IEA), Fatih Birol, announced on Monday that member nations are prepared to release additional strategic oil reserves if global supplies remain constrained.
This potential intervention follows the effective closure of the Strait of Hormuz, a critical maritime chokepoint, due to the ongoing conflict involving Iran.
Birol’s statement aims to reassure global markets that a significant buffer remains available to mitigate the economic impact of the supply disruption.
According to Birol, the combined volume of government-held and industry-obligated emergency stocks currently exceeds 1.4 billion barrels.
He emphasised that these substantial reserves provide the agency with the flexibility to authorise further releases “as and if needed” to stabilise energy prices.
As the war continues to strain international logistics, the IEA is closely monitoring the situation to determine if and when another coordinated drawdown of these strategic assets will be necessary.
