International Energy Agency Chief: Can Release More Strategic Petroleum Reserves If Necessary

K-LinePoet · 2026-03-25T02:37:21+00:00

The International Energy Agency has decided to release 400 million barrels of strategic petroleum reserves against the backdrop of global oil supply tightness, marking the largest-scale release since its establishment. Nevertheless, the key to resolving energy market instability remains the restoration of navigation through the Strait of Hormuz, and the recovery of global energy trade requires time.

K-LinePoet

2026-03-25 02:37:21

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International Energy Agency Director Fatih Birol said on the 16th that to address the global oil supply tightness caused by the military strikes by the United States and Israel on Iran, last week, 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves. This is the largest release since the agency’s establishment in 1974. Birol stated, “If necessary,” member countries can release more strategic oil reserves to the market. The IEA also warned that releasing strategic oil reserves is not a long-term solution. Restoring stability in the oil and natural gas markets depends primarily on reopening the Strait of Hormuz. However, even if the strait quickly reopens, it will still take time for global energy trade to recover. (CCTV News)

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