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The International Energy Agency (IEA) is expressing readiness to release more emergency oil reserves to the market, despite recently coordinating a record release of 400 million barrels, the largest release in its history, to mitigate the impact of the war in the Middle East and the de facto closure of the Strait of Hormuz.
In a recent statement, IEA chief Fatih Birol stressed that the agency is coordinating closely with all 32 member countries to ensure that the released oil reaches global markets as quickly as possible. He added that, despite this massive volume, there are still significant amounts of remaining stocks available, with over 1.2 billion barrels of public emergency reserves and about 600 million more barrels of mandatory industrial stocks.
"We have the capacity to do more as needed, if the war continues and supply disruptions last ," Birol said, underlining that this concession is a buffer measure, but the lasting solution depends on the reopening of traffic through the Strait of Hormuz.
Last week, the IEA announced the unification of member countries for this historic release, after an extraordinary meeting to assess the crisis created by the conflict with Iran. The United Kingdom contributed 13.5 million barrels, while the United States led with about 172 million barrels from the Strategic Petroleum Reserve (SPR).
Other countries such as Japan have pledged rapid releases of tens of millions of barrels. The move comes as oil prices have surged due to supply disruptions from the Gulf region, but some analysts note that the effect on prices has been limited so far, signaling that the war could last months.
The IEA continues to monitor the situation on a daily basis and does not rule out additional measures if tensions do not ease. The situation in global energy markets remains highly volatile, with the risk of wider economic consequences if the conflict spreads.
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