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The International Energy Agency (IEA) may consider releasing additional emergency oil stocks if required. This follows what is already the largest release of reserves in history, yet still leaves over 1.4 billion barrels in reserve, according to IEA Executive Director Fatih Birol.
Birol explained that despite the large scale release, IEA countries’ emergency stocks would only be reduced by approximately 20%. This indicates significant reserves remain available if future circumstances necessitate further action.
The statement underscores the IEA’s preparedness in managing global oil supply challenges through strategic reserves, ensuring stability in volatile energy markets.
(With inputs from agencies.)
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