March 10, New Delhi – The head of the International Energy Agency (IEA), Fatih Birol, also participated in the meeting of G7 Finance Ministers concerning the global economic situation and the conflict in West Asia.
Speaking about the IEA's assessment of the global oil market conditions, the IEA head stated that the global oil market has deteriorated in recent days.
Fatih Birol also added that, in addition to the challenges related to transit through the Strait of Hormuz, a significant amount of oil production has been curtailed.
He further stated that this is creating significant and growing risks for the market.
During the meeting, they also discussed all available options, including making IEA's emergency oil stocks available to the market.
The IEA head also mentioned that IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with an additional 600 million barrels held by the industry under government obligation.
File Photo: X/@fbirol