IEA ready to release additional reserves if necessary: Birol

Fatih Birol, Executive Director of International Energy Agency

The International Energy Agency (IEA) is ready to move forward with an additional release of oil reserves, if necessary, said IEA's Executive Director Fatih Birol on Wednesday.

This came in response to a request from Japanese Prime Minister Sanae Takaichi.

Earlier this month, the agency said member countries would release 400 million barrels of oil from their reserves to ease the impact of the Middle East war on markets.

Birol said a large volume of oil remains in storage, noting that 80% of reserves are still intact and that the 400 million barrels released account for only 20% of total stockpiles.

"If and when necessary, we are ready to move forward, but I very much hope that it will not be necessary," he added. "The world is facing a serious energy security threat, but the IEA is ready to play its core role of being a guardian of global energy security."