IEA ready to tap more oil stocks as global energy prices surge

The International Energy Agency (IEA) is prepared to release additional emergency oil stocks if needed as global energy prices climb amid mounting supply concerns, Bloomberg reported Wednesday, quoting the agency's head.

Fatih Birol made the remarks in Tokyo after Japanese Prime Minister Sanae Takaichi asked the IEA to prepare for a second emergency stock release.

"If the situation requires more support from the IEA, we are there," Birol, a Turkish economist, said in response to Takaichi's comments.

"We still have a significant amount of stocks. If necessary, we are ready to move forward — but I very much hope that it will not be necessary."

His remarks came as the Strait of Hormuz remains partially closed to shipping, fueling fears of a prolonged supply disruption and pushing energy prices sharply higher.

The IEA announced earlier this month that it would release 400 million barrels of oil from emergency reserves, the largest stock drawdown in the agency's history.

The partial closure of the Strait of Hormuz, a critical chokepoint for global oil and LNG shipments, has intensified concerns over supply availability and added to volatility across energy markets.

Japan depends heavily on Middle Eastern oil, leaving it exposed to the war in Iran and the de facto shutdown of the strait. It is due to begin releasing crude from its strategic reserves on Thursday.