Birol, IEA chief, says that the IEA is discussing future oil releases.

Fatih Birol, the Executive Director of the International Energy Agency, said that they are consulting with governments from Asia and Europe on how to release more oil "if needed" because of Iran's war.

We will, of course do so if it's necessary. Birol said at the National Press Club of Canberra at the beginning of a worldwide tour: "We will look at the market conditions, analyse them, and then discuss the matter with our members."

IEA members nations agreed to release a record number of 400 million barrels from their strategic oil stockpiles on March 11,?to counter the surge in global crude prices. The 20% drawdown was a result of the overall stockpiles.

Birol stated that there would not be any specific level of crude oil price to trigger a new release.

It is not a solution to the problem. It will only?reduce the pain of the economy."

He said that the Asia Pacific region is the most affected by the oil crisis. This is because it relies on products such as helium and fertiliser that transit the Strait of Hormuz.

Birol, after meeting with the Australian Prime Minister Anthony Albanese this week, will travel to Japan before a Group of Seven Meeting.

He said that the Middle East crisis was "very severe", and it was worse than both the oil shocks in the 1970s as well as the impact of the Russia/Ukraine gas war combined.

The war against Iran has taken 11,000,000 barrels of oil a day out of the global supply. This is more than both previous oil shocks combined.

He said that the opening of the Hormuz Strait was "the single most important" solution to this issue.

He said that the world's decision-makers did not fully appreciate the depth of the problem when he began speaking out publicly three weeks into the war.

He said that stockpile reductions were only a small part of what the IEA was capable of.

Birol said that the IEA's measures such as lowering speeds or implementing work from home had reduced energy consumption in Europe by?2022. However, each country would have to?decide on how to best implement fuel savings?

He said while Australia's liquid-fuel holdings were below IEA standards, the government had made significant improvements and that 30 days worth of diesel was a good number.

(source: Reuters)