International Energy Agency (IEA) Executive Director Fatih Birol warned that the current situation is “very serious” and exceeds the energy crises of the 1970s, amid the blockade of the Strait of Hormuz and attacks on energy infrastructure in the Middle East

Member countries of the agency could release additional emergency oil reserves, as more than 1.4 billion barrels will still remain in emergency stockpiles despite the largest reserve release in history already agreed upon, Executive Director Fatih Birol said

The European Union has asked the International Energy Agency (IEA) to assess the medium-term impact that the release of 400 million barrels of oil from strategic reserves will have on supply security, the European Commission said

The International Energy Agency (IEA) agreed to release 400 million barrels from its strategic oil reserves, the largest amount to date, as governments seek to contain the surge in energy prices triggered by the war in the Middle East

The head of the International Energy Agency (IEA) said there is ample oil on global markets and that current problems stem from a “temporary logistical disruption” caused by the blockade of the Strait of Hormuz

Global oil demand will grow more slowly than previously expected this year, the International Energy Agency (IEA) said, while forecasting that the global market will continue to face a sizable surplus despite supply cuts that reduced output in January

In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November

Global demand for oil and gas could continue to rise until 2050, the International Energy Agency (IEA) said, marking a shift from its earlier expectations of a rapid transition to cleaner fuels and warning that the world is unlikely to meet its climate goals

The International Energy Agency estimates that the oil production surplus, given the rapid increase in crude entering the market from OPEC+ and a slowdown in demand growth, has averaged 1.9 million barrels per day since the beginning of the year

In its monthly oil market report, the IEA estimated that global inventories will rise by an average of 2.5 million barrels per day (bpd) in the second half of the year as supply far outpaces demand