IEA: If necessary, more oil reserves can still be utilized.

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The International Energy Agency (IEA) said on Monday that more oil reserves could still be released if needed. Last week, the agency announced a record release of oil reserves to ease the impact of the Iran conflict.

IEA Executive Director Fatih Birol said in a televised statement that the ongoing emergency release will reduce the IEA’s reserves by only about 20%. “We still have over 1.4 billion barrels in reserves, which means that if needed in the future we can take further action.”

This Middle Eastern conflict has brought shipping in the critical Hormuz Strait to a near standstill, forcing some of the world’s largest oil-producing countries to cut output and pushing oil prices up over 40% in two weeks to more than $100 per barrel. The IEA stated last week that this crisis is the largest supply disruption event in the history of the oil market.

However, Birol also noted that while releasing reserves provides a buffer for now, it is not a long-term solution. He emphasized that the most important step is to reopen the Hormuz Strait.

Birol said that the Asian market is currently receiving additional crude oil supply. Asia’s dependence on Middle Eastern oil shipments is the highest, so it is also the region most affected by the current supply shortage. Major producing countries such as Iraq have already lost a significant portion of oil revenue due to transport disruptions.

As part of the IEA’s coordinated action, Asian countries have pledged to release over 100 million barrels of oil reserves, Europe will release around 100 million barrels, and the Americas will release over 170 million barrels. In addition, more than 20 million barrels of oil will be supplied through increased production. Birol stated that other countries supporting the IEA’s actions include India, Colombia, Singapore, Thailand, and Vietnam.

Birol also said the IEA has begun studying demand-side measures in order to make relevant recommendations to further ensure energy security.

On Monday, boosted by expectations that shipping disruptions in the Hormuz Strait may ease and that multiple countries may release more oil reserves, international oil prices fell back. WTI April crude oil futures fell more than 5% during trading to $93.50 per barrel.

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