BAKU, Azerbaijan, August 24. The International Energy Agency (IEA) is not currently discussing a second release of strategic oil reserves, Executive Director Fatih Birol has said, as the agency continues to closely monitor global energy markets.
Birol told Reuters that the IEA was following developments in oil markets but that there were no discussions at present about another coordinated release from emergency reserves.
According to Birol, around 80 percent of strategic oil reserves remain available following the release of 400 million barrels announced in March.
The March action was the largest coordinated release of government-held oil reserves in the IEA’s history.
The unprecedented measure was announced two weeks after the outbreak of the US-Israel war with Iran, which increased concerns about global oil supplies and disruption to major energy transportation routes.
Strategic petroleum reserves are maintained by governments to provide emergency supplies during severe disruptions and help reduce the impact of supply shocks on energy markets.
Birol’s comments indicate that the IEA does not currently see the need for an immediate second intervention, although the agency continues to monitor market conditions closely.
Developments in the Middle East remain an important factor for global oil markets because of the region’s major role in crude production and international energy transportation.
