IEA chief Birol: Based on my talks with IEA members, all options are on the table but no plans for collective action on oil yet

IEA chief Birol: Based on my talks with IEA members, all options are on the table but no plans for collective action on oil yet

IEA Executive Director Fatih Birol stated on March 6, 2026, that while all options remain under consideration, there are currently no plans for new collective actions involving oil stock releases among IEA Member Countries. This follows the formal termination of the 2022 emergency measures, which saw 31 member nations release 182.7 million barrels of oil to stabilize markets after Russia’s invasion of Ukraine. The Governing Board concluded these actions in June 2023, with deliveries completed by year-end 2022, and reinstated stockholding obligations to take effect after Q1 2024.

Birol emphasized that member nations are exercising flexibility in replenishing reserves to avoid exacerbating market volatility, a standard practice after past collective actions. However, he noted ongoing discussions about energy security amid shifting geopolitical and economic dynamics. Separately, U.S. Energy Secretary Chris Wright recently criticized the IEA’s net-zero focus, suggesting Washington could withdraw if the agency prioritizes climate goals over energy stability.

Meanwhile, the IEA’s 2024 World Energy Investment report highlighted a growing divide in clean energy funding, with advanced economies accounting for 85% of global clean energy spending despite emerging markets representing two-thirds of the global population. While solar investment is projected to reach $500 billion in 2024, challenges such as high capital costs in developing economies persist. Birol reiterated the need for balanced approaches to ensure both energy security and sustainable transitions.