The International Energy Agency (IEA) is monitoring with growing concern Russia’s recent statements and actions, and their potential implications for energy markets.
The IEA is continuing its consultations with its member countries and key partners on appropriate measures to ensure energy security.
IEA Member Countries stand ready to act collectively
IEA Member Countries stand ready to act collectively, in order to ensure that global oil markets are adequately supplied
While the specific impact on world oil markets is yet to be determined, IEA Member Countries stand ready to act collectively, in order to ensure that global oil markets are adequately supplied.
Most immediately at risk are the roughly 250 kb/d of Russian oil exports transiting Ukraine via the southern branch of the Druzhba pipeline to supply Hungary, Slovakia and the Czech Republic. These countries have ample government-held emergency stocks to draw upon, in case of need.
IEA to continue to monitor the market closely
The International Energy Agency (IEA) will continue to monitor the market closely and assess the need for activating its emergency oil system.
Total oil stocks in IEA Member Countries amounted to close to 4.16 billion barrels as of end-December 2021, of which 1.5 billion barrels are held by governments as emergency reserves. IEA net-oil-importing countries have an obligation to hold emergency oil stocks equivalent to at least 90 days of their net oil imports.
IEA closely monitoring Developments in natural gas markets
The IEA is also closely monitoring the developments in natural gas markets and will continue its consultations with member countries, association countries and key producing countries to facilitate market stability.