Oil markets are global in nature, therefore the response to large-scale disruptions must also be global, said the IEA’s Executive Director Fatih Birol, APA-Economics reports, citing the International Energy Agency (IEA).
According to him, the oil market is currently facing problems on an unprecedented scale.
“The challenges facing the oil market today are unprecedented in scale, which is why I am very pleased that the member countries of the International Energy Agency are taking unprecedented emergency collective action.”
“Oil markets are global in nature, therefore the response to large-scale disruptions must also be global. Energy security is the core mandate of the IEA, and I am pleased that member countries are taking decisive joint action and demonstrating strong solidarity,” Fatih Birol emphasized.
Note that the 32 member countries of the IEA today unanimously decided to release 400 million barrels of oil from their emergency reserves to the market in order to eliminate disruptions in the oil market caused by the war in the Middle East. The emergency reserves will be released to the market over a period determined according to the national conditions of each member country. In addition, some countries are also expected to take additional emergency measures.
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