IEA Rules Out Immediate Second Oil Reserve Release
IEA chief Fatih Birol says no second strategic oil reserve release is being discussed, while warning on Europe's low gas stocks.
The International Energy Agency (IEA) is not currently considering another coordinated release of strategic oil reserves, according to its executive director, Fatih Birol.
Speaking on the sidelines of an energy conference in Norway on Monday, Birol said "not for the time being" when asked whether the agency was discussing a second release. He noted that the IEA continues to monitor markets closely and that roughly 80% of strategic reserves remain intact following a 400 million-barrel release in March.
On natural gas, Birol voiced concern over Europe's stockpile levels, which stand at around 62% of capacity according to transparency platform AGSI. The European Union has set a target of filling reserves to 80% by December 1.
"The stocks are lower than historical averages, and we are still hoping to get gas from the Middle East, and at the same time ... Europe has committed itself to nullify the Russian gas imports," he said.
Birol cautioned that a harsh winter could pose significant challenges for the continent, given the current inventory shortfall and the ongoing effort to replace Russian supplies.