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IEA May Release More Oil If Needed: Executive Director

In two recent moves the IEA released only 9 per cent of what it has in stock

Photo Credit : Reuters

1461216973_brTwDp_Fatih-Birol-reu.jpg

The International Energy Agency (IEA) may release more oil in future if it is necessary, its executive director Fatih Birol said on Thursday during a visit to Warsaw.

The IEA said separately on Thursday that the world will not be left short of oil even with lower output from sanctions-hit Russia.

In two recent moves the IEA released only 9 per cent of what it has in stock.

"If there's a need in the future, and our governments decide so, we will be again coming to the market to address supply disruptions," Fatih Birol told a news conference.

Birol also said that Russian oil production would fall by at least 3 million barrels per day in the second half of 2022.

He said that the summer may be challenging for the oil market, while winter may be challenging for the gas market.


(Reuters)


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international energy agency fatih birol oil supply