IEA Says No Need Yet to Tap Oil Stockpiles Amid Mideast Crisis

The International Energy Agency said it sees no need yet to release emergency oil stockpiles amid the Middle East crisis, as global oil supplies are plentiful and the impact appears likely to be temporary.

“All options are on the table, but there are no plans for a collective action at this stage,” IEA Executive Director Fatih Birol told reporters in Brussels on Friday. “There is plenty of oil in the market,” even amounting to a “huge surplus.”