The International Energy Agency (IEA) said on Monday that it discussed releasing emergency oil stocks with G7 finance ministers amid worsening conflict in the Middle East, which is increasing risks to global crude supplies.
IEA Executive Director Fatih Birol said after the meeting, held at the invitation of French Minister Roland Lescure, that oil market conditions had deteriorated in recent days. "In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market," he said.
Birol added that IEA member states hold more than 1.2 billion barrels of public emergency reserves, alongside another 600 million barrels of industry stocks under government obligation.
https://breakingthenews.net/Article/IEA-warns-Strait-of-Hormuz-risks-are-rising/65831805
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