IEA discussing further oil releases, says executive director

The International Energy Agency (IEA) is in talks with member countries on releasing more stockpiled oil in response to the supply crisis driven by the conflict in the Middle East, IEA executive director Fatih Birol said here on Monday.

Addressing the National Press Club, Birol said he has been in contact with international colleagues on a daily basis regarding a second oil release after the agency's member countries agreed in March to release 400 million barrels from strategic stockpiles.

"If it is necessary, of course, we will do it," he said of a second release, but warned that it would not solve the supply shortfall.

"A stock release will help to comfort the markets, but this is not the solution. It will only help to reduce the pain in the economy," he said, describing the situation as "very severe."

Birol is set to meet with Australian Prime Minister Anthony Albanese while in Canberra and said the two would discuss the IEA's recommended steps for civilians to limit oil demand, such as using public transport where possible, working from home and reducing air travel.