The International Energy Agency stated that there are still more oil stocks that can be used to deal with the ongoing tightness in the oil market, but emphasized that this is not a long-term solution.

During the period of tension in the global energy supply caused by the conflict in the Middle East, the International Energy Agency (IEA) stated that its record-breaking emergency release plan for crude oil reserves reached last week has begun implementation, emphasizing that there are still more inventories available for use if the market tension continues. However, the agency also pointed out that the release of strategic reserves can only provide short-term relief from supply shocks, and that restoring key transport channels is the fundamental solution to stabilize the market. Fatih Birol, the Executive Director of the International Energy Agency, stated in a television declaration that the rapid decision of the IEA last week to release emergency reserves had a clear calming effect on the market sentiment. "The quick action indeed helped stabilize market sentiment, but reserve releases are only a temporary buffer, not a long-term solution." Birol stressed that the most crucial issue in the global energy market currently is the reopening of the Strait of Hormuz. Due to the impact of the Middle East war, one of the world's most important energy transportation routes has been severely blocked, leading to the forced interruption of millions of barrels of crude oil supply per day. The IEA had warned earlier that this conflict has caused the largest supply disruption in the history of the global oil market. To alleviate the supply shock, the IEA announced last week that it would coordinate with member countries to release 400 million barrels of strategic petroleum reserves, the largest emergency reserve deployment plan in the history of the organization. According to the latest implementation arrangements, some crude oil has started to be prioritized for supply to Asian markets, as this region has the highest dependence on Middle Eastern oil and is most visibly affected by the supply disruption. However, it is worth noting that the arrangement to supply crude oil to Asian markets was a measure proposed in the earlier plan, not a new decision. According to the IEA's previous implementation plan, reserve crude oil will be released earliest to Asian markets, with supply to European and American markets expected to begin in late March. The IEA has not yet announced the latest progress in releasing these reserves. The IEA pointed out that the key factor in determining whether this measure can curb oil price increases is how quickly the reserve crude oil can enter the market. Asian buyers are urgently seeking alternative supplies to make up for the supply gap caused by the Middle East war. Some countries have even taken measures to restrict fuel exports to ensure their own energy supply security. Meanwhile, the pressure of rising energy prices is spreading globally. Data shows that last week, European aviation fuel prices exceeded $220 per barrel, while European diesel futures prices rose above $150 per barrel. It is widely expected that if the conflict continues for a longer period, the impact on the global oil market will further escalate. Oil price volatility has significantly increased. International crude oil futures closed above $100 per barrel last Friday, and after the United States launched strikes on military targets near major Iranian oil export facilities over the weekend, traders widely expect more intense fluctuations in the energy market this week. Birol stated on social media platforms: "Starting from March 16, oil supply of an unprecedented scale will enter the market." However, he emphasized once again that the key to truly restoring global energy supply stability lies in the reopening of the Strait of Hormuz. In terms of the structure of the reserve release, approximately 72% of the reserves pledged for release by various countries are crude oil, with the rest being refined products. The IEA believes that this emergency action will provide short-term relief to the market, but in the face of the highly uncertain situation in the Middle East, the outlook for global energy supply still faces significant risks.