IEA Chief Signals Potential for Further Oil Reserve Releases If Needed

Kathmandu. International Energy Agency (IEA) member nations can continue to release additional oil reserves if necessary, IEA Executive Director Fatih Birol stated on Monday.

In a message released via video, Birol said, "Governmental and industry stocks held under government obligation will exceed 1.4 billion barrels even after the current additional fuel release."

He added, "After the latest additional fuel release, the reserves of member nations will decrease by only about 20 percent."

On March 11, 32 member countries unanimously agreed to make 400 million barrels of oil available to the market from their emergency stockpiles due to disruptions caused by the Middle East conflict.

"The current amount of offline oil supply is already greater than the supply deficit experienced during the 1973 oil crisis, and greater than any major disruptions we have seen since then," Birol said.