IEA members could release more oil stocks ‘as and if needed’, says Agency chief
3/16/2026 5:33:52 PM
All 32 member countries of the International Energy Agency could release more emergency oil stocks later “as and if needed”, Executive Director Fatih Birol has said.
According to Birol, the countries will still be over 1.4 billion barrels remaining in their emergency oil stocks despite the largest release of reserves in history already agreed.
“We still have a lot of stocks left. This current stock release, once it is completed, will reduce the emergency stocks in IEA countries only by around 20 percent,” Birol said in a video statement.
Individual countries have also pledged to release reserves, including the US and Japan.
European countries have collectively pledged to release 107.5 million barrels.
Iran’s blockade on the Strait of Hormuz has sent oil prices soaring, risking a global economic crisis.
According to Birol, the countries will still be over 1.4 billion barrels remaining in their emergency oil stocks despite the largest release of reserves in history already agreed.
“We still have a lot of stocks left. This current stock release, once it is completed, will reduce the emergency stocks in IEA countries only by around 20 percent,” Birol said in a video statement.
Individual countries have also pledged to release reserves, including the US and Japan.
European countries have collectively pledged to release 107.5 million barrels.
Iran’s blockade on the Strait of Hormuz has sent oil prices soaring, risking a global economic crisis.