IEA Executive Director: The energy market is at a critical turning point

Golden Ten Data reported on March 12 that Fatih Birol, Executive Director of the International Energy Agency (IEA), stated on Thursday that the global energy market is at a "critical turning point" after the agency recommended a coordinated release of global strategic oil reserves on Wednesday. At a press conference held in Istanbul, he said that the closure of the Strait of Hormuz prompted the IEA to issue a statement on releasing reserves. The International Energy Agency recommended releasing 400 million barrels of crude oil from global strategic reserves to ease one of the most severe oil shocks since the 1970s, marking the largest intervention of its kind in history.