International Energy Agency: Is consulting on the further release of strategic petroleum reserves

International Energy Agency (IEA) Director Fatih Birol stated on the 23rd that the IEA is consulting with member countries about releasing oil reserves again to address the supply crisis caused by the Middle East conflict, but he warned that this move cannot fundamentally solve the supply shortage. Speaking at the National Press Club of Australia, Birol said that since the member countries recently agreed to release 400 million barrels of strategic reserves, he has been maintaining close communication with all parties to prepare for a second round of reserve releases. “If it is truly necessary, we will certainly take action,” he said. “Releasing reserves helps stabilize the market, but it can only ease the economic pain.” Birol believes the current situation is “extremely severe.” He noted that the 1973 and 1979 oil crises each caused a daily reduction of about 5 million barrels in the international supply chain, but now the daily supply gap has reached 11 million barrels, exceeding the total impact of both crises combined. It is reported that Birol will hold talks with Australian Prime Minister Anthony Albanese during his stay in Canberra. The two sides will discuss the IEA’s recommended measures for managing civilian fuel demand, including encouraging the use of public transportation and remote work to conserve energy. (Xinhua)