The International Energy Agency said it would consider releasing more oil reserves in an attempt to stabilise prices and warned that markets would take time to rebound from the shock caused to supplies caused by the US-Israeli war on Iran.
IEA chief Fatih Birol, the head of the said the group's members still held large emergency reserves even after last week agreeing to its biggest ever release of government-held crude.
“Despite this huge release, we still have a lot of stocks left,” Birol said in a video statement. “This current stock release, once it is completed, will reduce the emergency stocks in IEA countries only by about 20%.”
Berol said the supply shock was bigger since the crisis of 1973 when the then Organisation of Arab Petroleum Exporting Countries halted oil shipments to the US, UK, Japan, the Netherlands, and Canada to pressure them into withdrawing support for Israel during the Yom Kippur war against Egypt and Syria.
full story IEA says it has 'a lot of stock' left after emergency oil release - Sharecast.com
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