Member states of the International Energy Agency (IEA) convened on Tuesday for emergency talks to assess global energy security and the possible release of strategic reserves, as the escalating Middle East war rattles oil markets.
IEA Executive Director Fatih Birol, speaking after a meeting of G7 energy ministers in Paris, warned that conditions in oil markets had “deteriorated in recent days,” citing curtailed production and mounting risks around transit through the Strait of Hormuz. He said the extraordinary meeting of IEA governments would evaluate supply security and market conditions before deciding whether to deploy emergency stocks.
Birol noted that the G7 discussions had considered “all available options, including making IEA emergency oil stocks available to the market.” Italy’s Environment and Energy Minister Gilberto Pichetto Fratin added that countries had pledged solidarity, committing to use stockpiled reserves to offset global shortages if the Strait of Hormuz remains closed.
The IEA did not announce any immediate decision following Tuesday’s meeting, leaving markets awaiting further guidance as geopolitical tensions continue to drive volatility.
