IEA Says Member Countries May Release More Oil Reserves If Necessary

SighingCashier · 2026-03-16T16:59:22+00:00

International Energy Agency Director Fatih Birol stated that IEA member countries may release additional oil if necessary, despite having already released record oil reserves, with over 1.4 billion barrels of emergency reserves currently available. The released oil has begun flowing into Asian markets to address oil price increases caused by the war.

SighingCashier

2026-03-16 16:59:22

Abstract generation in progress

International Energy Agency (IEA) Director Fatih Birol stated that member countries will release more oil to the market as needed and when necessary. The organization has previously agreed to release a record amount of oil reserves.

Birol said that the emergency oil reserves of IEA member countries still have more than 1.4 billion barrels remaining.

In a video statement, Birol said, “Although this release is of a massive scale, we still have substantial stockpiles. Once this current stock is released, the emergency reserves of IEA member countries will only decrease by about 20%.”

According to Birol, oil from IEA reserves has already begun flowing into Asian markets. After the U.S.-led coalition launched a war against Iran, causing oil prices to surge, countries decided to release 400 million barrels of crude oil from their reserves.

Birol stated, “The current amount of oil production halted has exceeded the supply losses during the 1973 oil crisis and has also surpassed any major disruptions we have seen since then.”

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes