Member countries of the International Energy Agency (IEA) are ready to release additional oil from their strategic reserves if the situation requires it. According to Reuters, IEA Executive Director Fatih Birol said this on Monday, March 16.
He recalled that the day before, IEA member countries agreed to carry out a record release of oil in the agency's history due to the impact of the war against Iran on the world market. However, after that, more than 1.4 billion barrels of oil will remain in storage.
"Despite this huge release, we still have a lot of reserves left. The current release of reserves, once it is completed, will reduce emergency stocks in IEA countries by only about 20%," Birol said.
According to him, oil from strategic reserves is already flowing to Asia, where countries have felt the consequences of the situation in the Middle East most acutely.
Birol noted that the suspension of oil supplies due to the war against Iran has already exceeded the losses from the 1973 oil shock and exceeded any major disruptions that the IEA has observed since then.
As Ukrainian News Agency earlier reported, on March 11, IEA member countries decided to release 400 million barrels of oil from their strategic reserves to stabilize the situation on the market, where the price of oil at that time jumped to USD 120 per barrel.
Recall that the day before, Bloomberg wrote that the consequences of the war against Iran have caused nervousness and open anger among US allies. At the same time, they continue to flatter President Donald Trump in public conversations.
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