IEA Strengthens Global Coordination, Engaging Energy Ministers Worldwide To Prepare For Further Market Actions

The IEA hosted a meeting today with the G7 Energy Ministers at its headquarters in Paris. The meeting was chaired by Roland Lescure of France, the country currently holding the G7 Presidency. During the discussion, I presented the IEA’s latest analysis of global oil and gas markets, which are facing significant challenges due to the ongoing conflict in the Middle East.

Oil market conditions have become more difficult in recent days. Alongside the problems affecting transport through the Strait of Hormuz, a considerable amount of oil production has been reduced. These two factors together are creating serious and increasing risks for the stability of the global oil market. In response, we reviewed all available options to help manage the situation.

One of the key measures discussed was the potential release of IEA emergency oil stocks. At present, IEA member countries hold more than 1.2 billion barrels of public emergency oil reserves, in addition to around 600 million barrels of industry-held stocks that are maintained under government obligations.

Given the current state of the oil market and the rising uncertainty, I have called for an extraordinary meeting of IEA Member governments. This meeting is scheduled to take place later today and will focus on assessing the security of supply and the overall market situation. The outcome of this meeting will help determine whether the emergency oil stocks should be made available to the market.

Beyond discussions within the IEA, I am also in ongoing contact with energy ministers from major energy-producing and energy-consuming countries around the world. These conversations are important for ensuring coordination, understanding the broader impact of current events, and preparing for any further actions that may be needed.