Following the attacks on Saudi oil installations, the IEA reassures oil markets about supplies


The Director General of the International Energy Agency (IEA), Fatih Birol, welcomed the statement of Saudi Energy Minister Prince Abdulaziz bin Salman on the return of Saudi oil supplies to normal levels. He added that there was a willingness to take any action if necessary.

He said that global oil stocks are sufficient to compensate supplies, as well as that there is no need to withdraw from stocks at the moment.

Sources at the International Energy Agency said that the oil markets are still well supplied and there is no need to withdraw from emergency stocks of crude oil (estimated at 1.55 billion barrels and can cover 15 days of global demand).

Worthy to mention that the agency has already released emergency stockpiles three times: in 1991 before the Gulf War, in 2005 because of hurricanes in the United States, and in 2011 because of the Libyan war.