International Energy Agency warns global oil market at critical juncture

Fatih Birol, Executive Director of the International Energy Agency, said on March 12 that global energy markets are at a “critical turning point” after his agency recommended a coordinated release of oil reserves due to the war in Iran.

He linked the IEA statement to the closure of the Strait of Hormuz, making the remarks at a press conference in Istanbul.

The IEA, which includes the world’s major oil-producing nations, recommended releasing 400 million barrels from global strategic reserves to mitigate the impact of one of the most severe oil crises since the 1970s — the largest in history.

By Jeyhun Aghazada