International Energy Agency (IEA) Executive Director Fatih Birol said on Monday, March 23, 2026, that the agency is consulting with governments in Asia and Europe about potentially releasing more oil reserves if necessary, amid the ongoing war involving Iran.

Speaking at the National Press Club in Canberra, Birol said the decision would depend on market conditions: “If necessary, of course we will do it. We are monitoring the situation, analyzing markets, and discussing with our member countries.”

He noted that there is no specific oil price threshold that would automatically trigger a release of reserves.

Birol described the Middle East crisis as “extremely severe,” saying it is worse than the oil shocks of the 1970s and even more impactful than the combined effects of the Russia-Ukraine war on energy supplies.

He stressed that the key solution to the crisis is reopening the Strait of Hormuz.