IEA states may discuss release of oil reserves — Asharq Al-Awsat

In Dublin, Ireland, member states of the International Energy Agency may discuss further releases of strategic oil reserves onto the market if the need arises. IEA Executive Director Fatih Birol said this ahead of a meeting of EU energy ministers, Asharq Al-Awsat reports.

Market monitoring

According to Birol, the agency is closely monitoring markets, including the petroleum products market, diesel fuel included. If necessary, the IEA will discuss the required steps with the governments of member states.

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Birol made the statement to journalists in Dublin on the eve of the meeting of energy ministers from European Union countries.

Proposals on reserves

The IEA chief declined to comment on proposals hinted at by French President Emmanuel Macron and others regarding the release of additional strategic reserves. According to the source, such measures are being considered as a way to lower oil prices.