TORONTO, May 7 (Xinhua) — International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday that the global energy market has entered a period of volatility, and if supply disruptions persist, the IEA will release more strategic petroleum reserves.
“The key word for the market is ‘volatility.’ Therefore, oil security will remain a core issue,” Birol said at a conference on Canada’s economic growth on the same day.
Birol noted that due to prolonged conflicts in the Middle East causing disruptions of millions of barrels of oil supply per day, the energy market is entering “uncharted waters.” Even if the conflicts end, the recovery of supply could be slow. If supply disruptions are not alleviated, the IEA is prepared to release more strategic petroleum reserves.
During his visit to Canada, Birol met with Canadian Prime Minister Mark Carney and other government officials in Ottawa to discuss responses to the energy crisis, with a focus on the impact of the “blockage” of the Strait of Hormuz.
On March 11, the IEA announced that its 32 member countries unanimously agreed to release 400 million barrels of strategic petroleum reserves to address the tight global oil supply caused by the Middle East conflicts. This is the largest coordinated release of oil reserves by the IEA to date.
