Speaking after a meeting of G7 finance ministers hosted by France, IEA Executive Director Fatih Birol said the situation is creating “significant and growing risks” for global oil markets.
Birol said the discussions focused on the global economic outlook and the impact of the Middle East conflict on energy supplies. Particular concern has emerged around shipping through the Strait of Hormuz, a critical transit route for global crude shipments, alongside curtailments in some oil production.
He added that the meeting reviewed all available policy responses, including the potential release of emergency oil reserves if needed.
According to the IEA, its member countries currently hold more than 1.2 billion barrels of public emergency oil stocks, along with about 600 million barrels of industry stocks maintained under government obligations.
Birol said he has also been in contact with energy ministers from several countries, including Saudi Arabia, Brazil, India, Azerbaijan and Singapore, to discuss the evolving situation.
