IEA on Standby for Another Oil Reserve Release Amid Ongoing Middle East Conflict

The International Energy Agency (IEA) is prepared to release more oil from global reserves if needed, according to its chief, Fatih Birol. Speaking at an Atlantic Council event, Birol expressed hope that another stockpile release would not be necessary but emphasized the agency's readiness to act.

Last month, the 32-member IEA agreed to a record-breaking coordinated release of 400 million barrels of oil from reserves in response to rising oil prices caused by the conflict with Iran. The United States contributed 172 million barrels from its Strategic Petroleum Reserve to this effort.

Birol noted that over 80 oil and gas facilities, including production sites, terminals, and refineries across the Middle East have been damaged or shut down due to the war with Iran. As a result, benchmark oil prices are trading near $100 per barrel.

In his words, the oil releases 'are not a solution' but rather 'just reducing the pain.' Birol emphasized that these measures are necessary given the severity of the global energy disruption caused by the conflict.