Tokyo: Executive Director of the International Energy Agency (IEA) Fatih Birol announced on Wednesday that the Agency is prepared to release more oil reserves if the situation demands.

According to Qatar News Agency, Birol stated that the reserves still contain significant quantities of oil, with 80 percent of stockpiles intact. The 400 million barrels released so far represent only 20 percent of the total reserves. Birol emphasized that the IEA is ready to distribute more stockpiles if necessary, although he hopes such measures will not be required.

Birol acknowledged the serious energy security threat facing the world but reassured that the IEA remains capable of upholding its primary mission of safeguarding global energy security. His comments followed a request from Japanese Prime Minister Sanae Takaichi, who urged the Agency to stay prepared for additional reserve releases, given the ongoing conflict in the Middle East.

Earlier in the month, the IEA had announced its member countries' decision to release 400 million barrels from their reserves, aiming to alleviate the war's impact. This operation is noted as the largest of its kind.

In response to the situation, Japan began releasing private-sector reserves last week, which are sufficient for 15 days. Starting Thursday, Japan will commence drawing from government stockpiles.