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"If needed, we will certainly proceed with that. We are examining the conditions, evaluating, analyzing the markets, and engaging in discussions with our member countries," Birol stated at the Australian National Press Club in Canberra.
He believes that the effects of the war in the Middle East are similar to the outcomes of the two significant oil crises of the 1970s and the 2022 gas crisis "together." "The primary solution to this issue is to reopen the Strait of Hormuz," stated the IEA director. He added that leaders globally "undervalued the severity of the issue."
On March 11, member countries of the IEA decided to release 400 million barrels of oil from their strategic reserves to the global market to stabilize prices amid the conflict in the Middle East. Up to this point, the IEA, established in 1974, had only limited oil prices in this manner on four occasions: in 1991, 2005, 2011, and 2022. The amount issued this time was the highest ever recorded in the agency's history.
source: reuters.com
He believes that the effects of the war in the Middle East are similar to the outcomes of the two significant oil crises of the 1970s and the 2022 gas crisis "together." "The primary solution to this issue is to reopen the Strait of Hormuz," stated the IEA director. He added that leaders globally "undervalued the severity of the issue."
On March 11, member countries of the IEA decided to release 400 million barrels of oil from their strategic reserves to the global market to stabilize prices amid the conflict in the Middle East. Up to this point, the IEA, established in 1974, had only limited oil prices in this manner on four occasions: in 1991, 2005, 2011, and 2022. The amount issued this time was the highest ever recorded in the agency's history.
source: reuters.com