The AIE announces that member states can release additional quantities of oil from strategic reserves "if and when necessary"

The Executive Director of the International Energy Agency (IEA), Fatih Birol, stated that member countries can release additional amounts of oil from strategic reserves, "if and when necessary."

This follows a previous decision to carry out the largest release of reserves in history.

"Once completed, the current release of reserves will reduce the emergency stocks of IEA countries by only about 20%," said Executive Director Fatih Birol on Monday.

Currently, emergency stocks of member countries remain above 1.4 billion barrels of oil.

Birol emphasized that oil from IEA reserves is already reaching Asia, following a release of 400 million barrels, in response to rising prices caused by conflicts in the Middle East.

He compared the current situation to the oil crisis of 1973, noting that current supply losses exceed any major disruption since then.