International Energy Agency chief Fatih Birol said Monday more stockpiled oil could be released if the Iran war continues to disrupt energy markets, adding the agency is also considering demand‑side responses to the crisis.
“We have already started to review what information and recommendations we can provide, also on the demand side, to further support energy security,” Birol said in a video statement. He did not specify what demand-side measures might include.
Birol said U.S. and Israeli attacks on Iran had triggered “the largest supply disruption in the history of the global oil market,” with losses already exceeding the 1973 oil crisis.
The disruption centers around Iran’s effective closure of the Strait of Hormuz, a critical choke point through which approximately 20 percent of the world’s oil and liquefied natural gas passes.
