IEA ready to further tap global oil reserves if needed, chief says

The head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed, but added the agency was ready to act if the energy shock from the U.S.-Israeli war with Iran requires it.



The 32-member IEA agreed last month to release 400 million barrels of oil from reserves, the largest-ever coordinated release, in a bid to calm oil markets. The U.S., the world's largest oil and gas producer, agreed to release 172 million barrels from its Strategic Petroleum Reserve.



"I hope, very much hope, we don't need to do it, but if it is needed, we are ready to act," Birol said.



Birol reiterated at an Atlantic Council event in Washington that the war has resulted in the worst-ever global energy disruption and said more than 80 oil and gas facilities, including production, terminals and refineries across the Middle East, have been damaged. Benchmark oil prices are trading near $100 a barrel.