The International Energy Agency, which last week announced a record release of oil reserves to ease the impact of the Iran war, said it has more that can be made available if needed.
The emergency release that’s underway will only reduce the IEA’s reserves by 20%, and the agency still has “over 1.4 billion barrels remaining, which means we can do more later, as and if needed,” IEA Executive Director Fatih Birol said in a televised statement.
The war has brought shipping through the vital Strait of Hormuz to a near-halt, forcing some of the world’s largest oil producers to curb output and sending prices surging more than 40% in two weeks to more than $100 a barrel. The IEA last week described the crisis as the biggest supply disruption in the history of the oil market.
“While our stocks release can provide a buffer for now, it is not a lasting solution,” said Birol, stressing that the “single most important” step would be the reopening of the strait.
More Barrels
Birol said additional barrels are flowing in Asian markets, which are the most reliant on flows from the Middle East and have been the most impacted by shortages. Big oil producers like Iraq, meanwhile, have been deprived of much of their revenue, he added.
As part of the IEA’s coordinated plan, countries in Asia committed to release well over 100 million barrels, with a similar amount in Europe and over 170 million barrels in the Americas, on top of “over 20 million barrels from increased production,” he said.
Other countries also looking to support the IEA’s effort include India, Colombia, Singapore, Thailand and Vietnam, he said. The IEA has also started to review recommendations it can provide on the demand side to further ensure energy security, Birol said.
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