Addressing journalists in Brussels, Birol said the “strategic disruption” from the war was “creating challenges for many countries” but there was more than enough oil on the global market.
Asked if the IEA was considering releasing emergency stocks, Birol said “all options are on the table” but there were no plans for “collective action” “at this stage”.
“There is oil in abundance, we have no shortage of oil,” he said. “There is a huge surplus in the market.”