IEA Ready To Tap More Oil Stocks As Global Energy Prices Surge - Report

ISTANBUL, March 25 (Bernama-Anadolu) -- The International Energy Agency (IEA) is prepared to release additional emergency oil stocks if needed as global energy prices climb amid mounting supply concerns, Anadolu Ajansi reported, citing Bloomberg on Wednesday.

IEA Executive Director Fatih Birol made the remarks in Tokyo after Japanese Prime Minister Sanae Takaichi asked the agency to prepare for a second emergency stock release.

“If the situation requires more support from the IEA, we are there.

“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,” Birol, a Turkish economist, said in response to Takaichi’s comments.

His remarks came as the Strait of Hormuz remains partially closed to shipping, fuelling fears of a prolonged supply disruption and pushing energy prices sharply higher.

The IEA announced earlier this month that it would release 400 million barrels of oil from emergency reserves, the largest stock drawdown in the agency’s history.

The partial closure of the Strait of Hormuz, a critical chokepoint for global oil and LNG shipments, has intensified concerns over supply availability and added to volatility across energy markets.

Japan depends heavily on Middle Eastern oil, leaving it exposed to the war in Iran and the de facto shutdown of the strait.

It is due to begin releasing crude from its strategic reserves on Thursday.

-- BERNAMA-ANADOLU