IEA ready to release more oil reserves amid global price surge

Fatih Birol, head of the International Energy Agency (IEA), said he is prepared to release additional oil reserves as energy prices soar worldwide.

Birol made the remarks in Tokyo after Japan’s Prime Minister requested the IEA to prepare for a second emergency stock release, News.Az reports, citing Al Jazeera.

The announcement comes amid partial closures of the Strait of Hormuz, which have driven up energy costs and raised concerns of a prolonged supply crunch.

Earlier this month, the IEA revealed it would release 400 million barrels—the largest emergency release in its history. Birol noted that 80 percent of the reserves remain available and stated, “If and when necessary we are ready to move forward,” while warning that “the world is facing a serious energy security threat.”

News.Az 

By Nijat Babayev