The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary" due to the Iran war, Executive Director Fatih Birol said on
The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary" due to the Iran war, Executive Director Fatih Birol said on Monday.
"If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries," Birol told the National Press Club in Canberra, at the start of a world tour.
IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices. The drawdown represented 20% of overall stocks.
There would not be a specific crude price level to trigger another release, Birol said.
“A stock release will help to comfort the markets, but this is not the solution. It will only help to reduce the pain in the economy.”
The IEA chief began his world tour in Canberra as the Asia Pacific is at the forefront of the oil crisis, he said, given its reliance on oil and other crucial products like fertiliser and helium transiting the Strait of Hormuz.
After meeting Australian Prime Minister Anthony Albanese, Birol will
Content Original Link:
" target="_blank">
