The International Energy Agency (IEA) said on Monday it is not discussing a second coordinated release of strategic oil reserves, with Executive Director Fatih Birol stating there are no plans for such a move at present.
Birol, speaking to reporters at an energy conference in Norway, said the IEA continues to monitor markets closely but no discussions on a further coordinated stock release are underway. The remarks follow a coordinated release of 400 million barrels of oil from member countries in March, which reduced global strategic reserves by roughly 20%.
Europe’s natural gas storage levels currently stand at approximately 62%, according to data from the AGSI transparency platform. The European Union has set a December 1 target to reach 80% storage capacity, a milestone intended to bolster energy security ahead of winter. Birol noted that current gas stocks remain below historical averages, even as Europe seeks alternative supplies from the Middle East to offset the phase-out of Russian gas imports.
