00:00Member countries of the International Energy Agency, IEA, could release additional oil stocks into the market as and if needed,
00:09despite the current coordinated release of reserves already agreed upon.
00:14IEA Executive Director Fatim Birol says that the ongoing release, once completed, will reduce member countries' reserves by only about
00:2220%.
00:24The comments from Birol come as Brent crude remains above $100 a barrel.
00:30The 32 member countries of IEA on March 11 unanimously agreed to make 400 million barrels of oil from their
00:39emergency reserves available to the market
00:41in response to disruptions caused by the Middle East conflict.
00:45Birol added that the volume of oil supply now offline is already higher than the supply loss during the oil
00:53shock of 1973
00:55and higher than any of the major disruptions since then.
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