IEA Chief Birol: Situation in Middle East is severe
The International Energy Agency (IEA) Chief Fatih Birol said on Monday that he is discussing with governments across globe, if necessary there will be more releases of oil stocks.
Key quotes
Situation in Middle East is severe.
This crisis is worse than the two oil crises of the 1970s combined.
Single biggest solution to the current problems is to reopen Strait of Hormuz.
Currently consulting with governments across globe, if necessary there will be more releases of oil stocks.
No specific crude price level to trigger more oil releases.
Shortage of fuel an increasing problem in Asia.
Australian government doing its best to increase fuel stock levels.
Market reaction
Crude oil prices edge higher follow this headline. At the time of writing, the West Texas Intermediate (WTI) is up 0.66% on the day at $97.85.
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