The head of the International Energy Agency (IEA) declared today he is “ready” to proceed with a new release of oil quantities “if and when needed,” as the war in the Middle East, which caused oil prices to surge, enters its 26th day. Fatih Birol’s statements came in response to a request from Japanese Prime Minister Sanae Takaichi, during their meeting in Tokyo, to “prepare to carry out” such a coordinated operation.
The IEA announced earlier this month that its member states would release 400 million barrels of oil from their reserves to cushion the impact of the Middle East war, the largest such undertaking the organization has ever carried out.
There is “still a significant amount of oil in our reserves,” Birol stated. “80% of our reserves continue to be there. Those 400 million barrels represented only 20% of our reserves,” he said. “If and when needed, we are ready… but I really hope it won’t be necessary.”
“The world is facing a serious threat to energy security but the International Energy Agency is ready to play its essential role in protecting global energy security,” he added.
