Tokyo – The Executive Director of the International Energy Agency (IEA), Fatih Birol, expressed his readiness on Wednesday. He is prepared to release additional oil reserves if needed. Birol also reassured markets about the current abundance of stockpiles. Speaking from Tokyo, Birol stated, “Large quantities of oil remain in our inventories.” “About 80% of these reserves are still available.” “If necessary, we are ready to proceed with their release.” “However, I sincerely hope it will not be required.” He pointed out that member countries’ oil reserves remain substantial.
This is despite a recent decision to withdraw about 400 million barrels. He clarified that total emergency stockpiles would still exceed 1.4 billion barrels. This remains true even after the current withdrawal process is complete.
The Executive Director emphasized that current reserve releases would reduce strategic stockpiles. This reduction in agency member countries would not exceed 20%. This leaves ample room for action. This action could be taken if the supply crisis escalates due to ongoing geopolitical tensions.