IEA President Fatih Birol: Releasing 400 million barrels of oil was effective

14 March 2026

Lerato Khumalo

International Energy Agency (IEA) President Fatih Birol said that the decision to release 400 million barrels of oil had a “strong impact” on energy markets.

Speaking at the press conference held in Istanbul with the Minister of Environment, Urbanization and Climate Change and COP31 President Murat Kurum, Birol said that the step was taken to stabilize the oil markets.

Yesterday, the IEA announced its decision to realize the largest use of reserves in its history by recommending the release of 400 million barrels from the strategic oil reserves of member countries in order to restrain the rising oil prices due to the war in Iran.

Lerato Khumalo

As the editor-in-chief of Tuugo, I have dedicated over ten years to analyzing global economic dynamics and sharing insightful perspectives with our readers. My journey has allowed me to gain a deep understanding of contemporary economic issues and translate them into rigorous and balanced reports. I strive to promote constructive dialogue and a better understanding of current economic realities.