"More oil reserves on the market" - International Energy Agency begins consultations with countries
The International Energy Agency is consulting with governments in Asia and Europe on releasing more oil reserves "if necessary" due to the war in Iran, Executive Director Fatih Birol said.
"If necessary, of course, we will do it. We will examine the conditions, analyze, evaluate the markets and discuss with our member countries," Birol added.
IEA member countries agreed on March 11 to release a record 400 million barrels of oil from strategic reserves to combat rising global crude prices. The drawdown represented 20% of total reserves.
"There would be no specific level of crude oil price to trigger another release," Birol said.
The IEA chief began his world tour in Canberra as Asia Pacific is at the forefront of the oil crisis, he said, given the region's dependence on oil and other important products such as chemical fertilizers and helium passing through the Strait of Hormuz.
After meeting with Australian Prime Minister Anthony Albanese, Birol will travel to Japan later this week, ahead of a G7 meeting.
He described the crisis in the Middle East as "very serious" and worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war over gas, taken together.
The war against Iran had taken 11 million barrels of oil a day from the global supply, more than the previous two oil shocks combined.
"The most important solution to this problem is to open the Strait of Hormuz. The importance of the problem was not well appreciated by decision-makers around the world. Reducing reserves is only part of what the IEA can do," he said.
Measures outlined by the IEA, such as lowering speed limits or implementing work-from-home measures, had reduced energy use when implemented in Europe in 2022, but each nation will have to decide how best to implement fuel savings, Birol said.
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