IEA keeps reserves ready as Hormuz disruptions fuel supply fears

2026-03-25 - 08:44

Fatih Birol, head of the International Energy Agency, said the agency is ready to release additional oil reserves as global energy prices continue to surge. Speaking in Tokyo, Birol confirmed that the IEA is prepared to act again if needed, following a request from Japan’s prime minister to consider a second emergency stock release, reports Al-Jazera. His remarks come amid ongoing disruptions in global supply, particularly as the Strait of Hormuz remains partially closed to shipping, intensifying concerns over a prolonged energy crunch. Earlier this month, the IEA announced the release of 400 million barrels of oil — the largest emergency drawdown in its history. Despite this, Birol emphasized that around 80 percent of the agency’s reserves are still available. “If and when necessary, we are ready to move forward,” he said, warning that the world is facing a serious threat to energy security due to current market volatility and supply constraints.