.svg)
The International Energy Agency is closely monitoring global oil markets but has no plans for another strategic reserve release after drawing down 400 million barrels in March.
Mariyam Adheela
The International Energy Agency (IEA)
The International Energy Agency (IEA) is not currently discussing another release of strategic oil reserves, despite continued uncertainty in global oil markets, IEA Executive Director Fatih Birol has told Reuters.
Birol said the agency is keeping a close watch on developments in the oil market and will continue assessing the situation as conditions change.
He said approximately 80 percent of the strategic reserves remain following the release of 400 million barrels in March.
The IEA announced the coordinated release in March, marking the largest release of government-held oil reserves in the agency’s history.
The decision came two weeks after the United States and Israel began their war against Iran, amid concerns over the potential impact of the conflict on global oil supplies and prices.
The release was intended to provide additional oil to the market and help ease concerns over possible supply disruptions resulting from the conflict.
Despite the scale of the March intervention, Birol said the IEA is not currently considering a second release of strategic reserves.
The agency’s position could change depending on developments in global oil markets, particularly any disruption that could affect the availability of crude oil.
With about four-fifths of strategic reserves still available, the IEA is continuing to monitor supply conditions before deciding whether further action is required.
The agency’s latest position suggests that, for now, it considers the remaining reserves sufficient while it assesses how the global oil market develops.
