The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil “if necessary” due to the Iran war, Executive Director Fatih Birol said on Monday. ADVERTISEMENT SCROLL TO CONTINUE WITH CONTENT“If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries,” Birol told the National Press Club in Canberra. IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices. There would not be a specific crude price level to trigger another release, Birol added.

Source: The Standard March 23, 2026 14:30 UTC