IEA May Release More Strategic Petroleum Reserves Amid Elevated Oil Prices

Global crude oil prices have surpassed $100 per barrel due to escalating geopolitical tensions. The International Energy Agency (IEA) may release another batch of strategic petroleum reserves if prices remain elevated, according to Senior Oil Market Analyst at Sparta Commodities June Goh.

Goh said the IEA has not yet exhausted its previously announced emergency oil reserve allocation and that sustained higher oil prices could prompt another coordinated intervention. She noted that several countries within the IEA framework still have room to contribute additional strategic reserves if required, with Japan and Korea having 'a lot more to spare'.

Goh also suggested that the threshold for another coordinated release could be sustained prices above $95 per barrel, saying 'I think should be the base case now if oil price keeps to be above the $95 per barrel number.'