IEA Signals Readiness for Additional Emergency Oil Releases
Fatih Birol made the statements in Tokyo following a request from Japanese Prime Minister Sanae Takaichi, who urged the IEA to prepare for a second emergency stock release.
“If the situation requires more support from the IEA, we are there,” Birol, a Turkish economist, responded to Takaichi’s remarks.
“We still have a significant amount of stocks. If necessary, we are ready to move forward — but I very much hope that it will not be necessary,” he added.
The comments come as the Strait of Hormuz remains partially blocked for shipping, heightening concerns about a prolonged supply disruption and driving energy prices sharply upward.
Earlier this month, the IEA declared it would release 400 million barrels of oil from its emergency reserves, marking the largest stock drawdown in the agency’s history.
The partial shutdown of the Strait of Hormuz, a vital corridor for global oil and LNG transport, has escalated worries about supply availability and contributed to increased volatility in energy markets.
Japan, heavily reliant on oil from the Middle East, is particularly vulnerable to the conflict in Iran and the near-complete closure of the strait. The country is scheduled to start releasing crude from its strategic reserves on Thursday.
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