Fatih Birol: IEA ready to release additional oil reserves if needed

International Energy Agency (IEA) Executive Director Fatih Birol said the agency is "ready to proceed" with releasing additional oil reserves "as needed," Report informs, citing The Times of Israel.

Birol made the statement in Tokyo after Japanese Prime Minister Sanae Takaichi asked the agency to "prepare for the release of additional oil from reserves if the situation" in the Middle East war - which has triggered a sharp global spike in energy prices - continues.

Earlier this month, the IEA announced that member countries would release 400 million barrels from their reserves to mitigate the effects of the Middle East conflict. This would be the largest such release in history.

Birol noted that a "significant amount of oil" remains in storage.

"Eighty percent of our reserves are still with us. These 400 million barrels were only 20 percent of the total reserves. If needed, we are ready to move further, but I very much hope that this will not be necessary," he said.

He added that the world faces a serious threat to energy security, but the IEA is prepared to fulfill its core role as the "guardian of global energy security."