The International Energy Agency (IEA) is consulting with governments in Asia and Europe regarding potential additional releases from strategic oil reserves “if necessary,” according to Executive Director Fatih Birol, amid ongoing concerns related to geopolitical tensions.
Speaking at the National Press Club in Canberra, Australia, at the start of a global tour on Monday, March 23, 2026, Birol stated, “If necessary, we will do that, of course. We will look at the circumstances, we will analyze and assess the markets, and we will discuss it with member countries.”
On March 11, 2026, IEA member countries agreed to release a record 400 million barrels of oil from strategic reserves to combat a sharp increase in global crude oil prices. This represents 20 percent of total inventories.
Birol clarified that there is no specific oil price level that would automatically trigger another release. “The stock release will help calm the markets, but it is not the solution. It will only help alleviate the pain the economy is suffering,” he added.
Birol began his global tour in Canberra, noting that the Asia-Pacific region is at the forefront of the oil crisis due to its reliance on oil and other critical commodities, such as fertilizers and helium, that transit through the Strait of Hormuz.
Following a meeting with Australian Prime Minister Anthony Albanese, Birol is scheduled to travel to Japan later this week ahead of a Group of Seven meeting.
The situation in the Middle East was described as “very severe” and worse than the oil shocks of the 1970s, combined with the impact of the war in Ukraine on gas supplies. The conflict has resulted in a loss of 11 million barrels per day of oil supplies globally, exceeding the combined impact of the previous two oil shocks.
“The most important and only solution to this problem is to open the Strait of Hormuz,” Birol said.
Explaining his decision to initiate speaking publicly three weeks after the outbreak of the conflict, Birol stated, “Decision-makers around the world did not fully realize the depth of the problem.”
He emphasized that releasing stocks is only one measure the IEA can take.
Birol noted that measures identified by the IEA, such as lowering speed limits or implementing perform-from-home policies, reduced energy consumption when implemented in Europe in 2022, but that each country must decide the best way to save fuel.
While acknowledging that Australia’s liquid fuel stocks are below IEA standards, Birol commended the current government’s efforts to improve them, stating that a diesel stock sufficient for 30 days is a “strong number.”
Reuters
