IEA Will Use Oil Reserves in Event of Supply Problems

The International Energy Agency is ready to release oil from its strategic reserves in the event of supply problems linked to the escalation of the conflict in the Middle East, IEA executive director Claude Mandil said.

“If there is a rupture in supplies, then certainly we are ready to make use of our reserves, whether it is due to a conflict or a natural disaster,” Mandil told Agence France-Presse on the sidelines of the G8 summit.