Tokyo, March 25: Amid rising uncertainty in the global energy market due to the crisis in West Asia, the International Energy Agency (IEA) has indicated its readiness to release additional oil reserves if necessary.
IEA Executive Director Fatih Birol made this statement following a meeting with Japan’s Prime Minister Sanae Takaichi in Tokyo on Wednesday. He emphasized that the agency is prepared to take all possible measures to address potential shortages in global supply. Birol also hinted at preparations for a second emergency oil release.
This announcement comes at a time when shipping in the Strait of Hormuz faces increased uncertainty, placing pressure on energy prices in international markets and raising concerns about long-term supply disruptions.
Japan, which relies on the Middle East for nearly 95% of its oil imports, has already taken precautionary steps. The government has begun releasing approximately 15 days’ worth of supply from private sector reserves and plans to utilize government reserves starting March 26.
Prime Minister Takaichi also mentioned that by the end of March 2026, oil could be released from joint reserves with Saudi Arabia, the UAE, and Kuwait. Under normal circumstances, these reserves are used for commercial purposes, but in emergencies, domestic companies are prioritized to ensure energy security.
Earlier this month, the IEA announced the release of 400 million barrels of oil, marking one of the largest releases in its history. Birol stated that the agency still has about 80% of its reserves intact and additional measures will be taken if required. He warned that the world is currently facing a serious energy security challenge.
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