The International Energy Agency remains inactive, with no collective reserve release plan at present.
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Golden Ten Data reported on March 6 that the International Energy Agency (IEA) stated that, given the ample global oil supply and the seemingly temporary impact, there is currently no need to release emergency oil reserves during the Middle East crisis. IEA Executive Director Fatih Birol told reporters in Brussels on Friday: "All options are on the table, but at this stage, there are no plans for collective action. There is plenty of oil in the market, even to the extent of a significant surplus." Birol acknowledged that some IEA member countries might adopt individual policies in response to the current turmoil. According to Kyodo News, citing informed government sources, the Japanese government is considering releasing oil reserves to address the situation with Iran. For now, Birol said: "What we are facing is a temporary disruption, a logistical disruption, not an oil shortage."
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