International Energy Agency chief says ready to release more oil reserves amid Mideast war

The head of the International Energy Agency says he is “ready to move forward” with an additional release of oil reserves “if and when necessary.”

Fatih Birol’s comments in Tokyo come after Japanese Prime Minister Sanae Takaichi asked the agency “to prepare to implement an additional release in case the situation drags on” with the war in the Middle East, which effected a spike in energy prices worldwide.

The IEA said earlier this month that member countries would unlock 400 million barrels of oil from their reserves to ease the impact of the Middle East war, the biggest such release ever.

But Birol says there is “still a significant amount of oil in our stocks.”

“Eighty percent of our stocks are still with us. This 400 million barrels were only 20 percent of our stocks,” he says. “If and when necessary we are ready to move forward, but I very much hope that it will not be necessary.”

“The world is facing a serious energy security threat, but the International Energy Agency is ready to play its core role of being a guardian of global energy security,” adds Birol.

Times of Israel staff contributed to this report.