The two oil stock releases carried out so far amount to only 9% of overall stocks, Fatih Birol, head of the International Energy Agency (IEA), said.

“We can come back again if there is a problem,” he said while speaking remotely during an event in Florence, Italy.

Birol said a situation where a short-term scramble for alternative energy sources to Russia prolonged reliance on volatile fossil fuels had to be avoided.

The IEA last month listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles to bring down global oil prices after the beginning of the Ukraine crisis.
Source: Reuters