Energy economist: More releases of oil stocks by IEA member nations coming

2023-01-11 06:55:21

(MENAFN) More releases of oil shares by International energy Agency member nations are “on the table” in the event of market disturbances, the organization's top energy economist stated on Wednesday.

“In perspective, there are still substantial stocks available to IEA member countries that could be deployed in case of in case of necessity,” Tim Gould informed delegates joining the Gulf Intelligence Global UAE Energy Forum, which will take place online.

“We will continue to keep a very close eye on market developments and potential disruptions this year.”

Brent crude increased to a near 14-year high of USD140 per barrel following Russia’s attack of Ukraine in February. To steady the market, the Paris-based agency let two emergency releases in March and April 2022.

“That part of the arsenal is still very much intact … some countries will be looking to replenish those stocks as and when it is prudent to do so,” according to Mr Gould.

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