IEA prepared to unseal strategic oil reserves

Shafaq News- Paris

The International Energy Agency (IEA) is weighing a release of emergency oil stocks as tensions linked to the Strait of Hormuz closure strain global supply, IEA Executive Director Fatih Birol indicated on Monday, describing the situation as the most severe since the energy crises of the 1970s.

Speaking at the National Press Club, Birol noted ongoing assessments of supply conditions and coordination with member states. “If necessary, we will of course do so. We are looking at the conditions,” he added, stressing that no fixed crude price would trigger another coordinated release.

“The most important and only solution to this problem is to open the Strait of Hormuz,” he remarked.

IEA member countries agreed on March 11 to release a record 400 million barrels of oil from strategic reserves to counter the sharp rise in global crude prices.

On Saturday, US President Donald Trump pledged to launch broad strikes on Iranian energy sites within 48 hours if Tehran does not fully reopen the Strait of Hormuz. In response, Iran threatened to fully close the maritime gateway and target regional energy infrastructure if its power facilities face attacks.