The head of the International Energy Agency, Fatih Birol, issued a stark warning: global energy trade will take time to recover, and markets must be prepared for a prolonged conflict in the Middle East. While IEA member states have already made significant draws on their strategic reserves, Birol said up to 1.4 billion barrels remain available for release if conditions worsen.
Birol emphasized “close coordination” among member nations to ensure that agreed-upon quantities of oil reach the market, but the message was unmistakable — the buffer is finite, and the geopolitical instability is not. Even outside the IEA, other nations are exploring ways to contribute to the effort.
In New Zealand, Finance Minister Nicola Willis’s claim that the country has a 52-day fuel buffer came under scrutiny. As Stuff reported, the real numbers are “not as clear-cut” — with the true vulnerability lying in supply chain lags that could leave the country exposed far sooner than official figures suggest.
