Newsweek World
  • Business
  • Economics
  • Markets
  • Technology
GO ADD-FREE
  • Login
No Result
View All Result
  • Business
  • Economics
  • Markets
  • Technology
No Result
View All Result
Newsweek World
  • GO ADD-FREE
  • Login
Home Economics

IEA Signals Oil Stock Release Readiness, OPEC Pushes Back

Orlando Newkirk by Orlando Newkirk
June 13, 2025
in Economics
IEA Signals Oil Stock Release Readiness, OPEC Pushes Back

The International Energy Agency (IEA) announced readiness to use emergency oil reserves following Israel’s military attacks on Iran. OPEC immediately denounced the statement because they deemed it both superfluous and alarming.

IEA head Fatih Birol stated that global supply stability exists but strategic reserves hold 1.2 billion barrels for potential use. The warning about oil prices increased by 7% in one day emerged because of Middle Eastern conflict fears following the Russian invasion of Ukraine in 2022.

OPEC Secretary General Haitham Al Ghais stated that present supply and demand patterns do not require emergency measures or cause for concern. The IEA has created panic instead of stability according to him.

The situation escalated when Israel declared its military operations against Iranian nuclear sites and military bases because of suspected Iranian weapons development. The current situation has not affected energy facilities but market participants worry about potential infrastructure damage or Strait of Hormuz blockage which would disrupt oil transit.

The last major coordinated reserve release took place in 2022 after Ukraine’s invasion which OPEC strongly opposed at that time.

Tags: International Energy AgencyOil
Previous Post

Meta Backs Geothermal Power Project for AI Expansion

Next Post

Kering Hires Renault CEO De Meo to Revive Gucci

Related Posts

Tariffs Ignite Inflation Fears Despite Business Pickup
Economics

Tariffs Ignite Inflation Fears Despite Business Pickup

U.S., EU Near 15% Tariff Deal, Report Says
Economics

U.S., EU Near 15% Tariff Deal, Report Says

U.S. Home Sales Slide to Nine-Month Low in June
Economics

U.S. Home Sales Slide to Nine-Month Low in June

U.S.-Japan Tariff Deal Offers Global Relief, Economists Say
Economics

U.S.-Japan Tariff Deal Offers Global Relief, Economists Say

Trump Tariffs Cost GM $1.1 Billion in Second Quarter
Economics

Trump Tariffs Cost GM $1.1 Billion in Second Quarter

Fed Shares Renovation Footage Amid Backlash Over Costs
Economics

Fed Shares Renovation Footage Amid Backlash Over Costs

Next Post
Kering Hires Renault CEO De Meo to Revive Gucci

Kering Hires Renault CEO De Meo to Revive Gucci

Newsweek World
Linkedin Instagram X-twitter Facebook
Business >
Economics >
Markets >
Technology >

Company
About us
Authors

Company
About us
Authors

Contact
Contacts

Terms of Use
Terms & Conditions
Privacy Policy

Editions:
World
U.S. Edition
New York
Español
中文 (简体)
Português
Français
Italiano
Norsk
Svenska
Türkçe

Contact
Contacts

Terms of Use
Terms & Conditions
Privacy Policy

© 2025 Newsweek World.
All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Economics
  • Markets
  • Technology

© 2025 Newsweek World. All rights reserved.

  • Español
  • Português
  • 中文 (简体)
  • 日本語
  • Français
  • Italiano
  • Norsk
  • Svenska
  • Türkçe