Member states of the Paris-based International Energy Agency (IEA) will meet later Tuesday for crisis talks to assess "the current security of supply" and the potential release of emergency stocks as the Middle East war roils markets, the body's chief said.In a statement following a Paris meeting of G7 energy ministers on the economic fallout of the Middle East war, IEA executive director Fatih Birol said he was "in close contact" about the situation with energy ministers from key energy producers and consumers around the world.
"In oil markets, conditions have 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.
"I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to make emergency stocks of IEA countries available to the market," Birol added.
He said the G7 meeting addressed "all the available options, including making IEA emergency oil stocks available to the market."
On Monday, a meeting of G7 finance ministers also discussed a possible release of strategic oil reserves, but French Finance Minister Roland Lescure said later the situation was "not there yet".
French President Emmanuel Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said on Monday the G7 would this week discuss a possible release of strategic oil reserves.
