IEA May Tap More Oil Reserves as Brent Crude Hits $96.78

The International Energy Agency (IEA) may be forced to release more strategic oil reserves if Brent crude prices remain elevated above $100 per barrel, according to June Goh, Senior Oil Market Analyst at Sparta Commodities.

Goh noted that the IEA has not yet exhausted its previously announced emergency release of 400 million barrels and suggested that sustained higher oil prices could prompt another coordinated intervention.

The IEA released the first batch of emergency oil reserves in March, but Goh emphasized that several countries within the IEA framework still have room to contribute additional strategic reserves if required.

Goh specifically mentioned Japan and Korea as having 'a lot more' to spare, while the US still has some capacity left, although its SPR levels are becoming increasingly strained.